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Cook County Class 6B and 7B Incentives

The Class 6B and 7B classifications from Cook County are designed to encourage industrial and commercial development by offering real estate tax incentives for new developments or the rehabilitation of existing structures. Under the incentives, qualifying projects are eligible for substantial reductions in property assessment rates. Class 6B and 7B properties are assessed at 16% of market value for the first 10 years, 23% in the 11th year, and 30% in the 12th year before returning to the full assessment rate of 36% for industrial and 38% for commercial in the 13th year and thereafter. Where there is new construction, or where an existing property has been abandoned, the reduced assessment levels apply to the entire structures and the land upon which they are situated. For rehabilitation projects, the reduced assessments are applicable to the additional value of the improvements including any land related to the rehabilitation.

Class 6B designation requires an eligibility application and supporting documents being filed with the Cook County Assessor's office. It also necessitates a municipal resolution consenting to the filing of a Class 6B application. Class 7B has a similar application process, but also requires formal designation of a blighted area or redevelopment district prior to consideration. The Village of Skokie will support such applications that exhibit the need for the reduced levels of assessment in order to achieve successful new developments or extensive renovations. Several applications have been approved in recent years resulting in renovated buildings and increased employment.  Additional information on the Cook County Class 6B and 7B Programs and other County property tax incentive programs is available from the Village's Economic Development Division.

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Village of Skokie
5127 Oakton Street
Skokie, Illinois 60077
Phone: (847) 673-0500
Fax: (847) 673-0525
E-mail: info@skokie.org

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