“Class 6b” sounds like it could be an obscure bureaucratic rule. In fact Class 6b is a tax incentive opportunity designed to encourage economic development in Cook County.
The incentive applies when the real estate is used primarily for “industrial purpose,” and there is either new construction, substantial rehabilitation or substantial reoccupancy of abandoned property.
The conditions and rules are spelled out in detail on the Cook County Assessor’s website (http://cookcountyassessor.com/assets/forms/cls6bb.pdf).
Industrial real estate in Cook County normally is assessed at 25 percent of market value. If you are able to establish that your property should be classified as Class 6b it will be assessed at 10 percent of market value for the first 10 years, 15 percent in the 11th year and 20 percent in the 12th year. “This constitutes a substantial reduction in the level of assessment and results in significant tax savings,” the assessor’s office says.
To qualify for 6b, my office will work with you to convince the municipality where your real estate is located to adopt the ordinance that is required. The ordinance must expressly consent to the filing of a Class 6b Application and find Class 6b necessary for development to occur on the property.
Timing is critical: Your application must be filed before any work commences on the property.
Property taxes unappealing? KSN can help.
Appealing your Illinois property taxes is one way to ensure that the amount you pay is fair whether you live in the north/northwest Chicago suburbs, south/southwest Chicago suburbs, or in the City of Chicago.
Since 2015, KSN has worked diligently to save our clients over $150 million in reduced property tax assessments. We handle property tax appeals from start to finish for every type of property including:
- Community association property tax appeals
- Residential property tax appeals
- Multi-family and apartment building property tax appeals
- Retail and small business property tax appeals
- Commercial and office building property tax appeals
- Industrial property tax appeals
We work on a contingency fee basis. You pay no legal fees unless an assessment reduction is achieved.
Questions about our property tax appeal services? Contact us by calling 847-537-0500 or by visiting www.ksnlaw.com/tax-appeal.
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