ILLINOIS PROPERTY TAX ASSESSMENT FREEZE PROGRAM FOR OWNER-OCCUPIED PROPERTIES
The State of Illinois' Property Tax Assessment Freeze program offers a rehabilitation incentive to owners of certified historic structures used as their principal residence. To be considered a “certified historic structure,” a property must be individually listed in the National Register, listed as a contributing property within a National Register Historic District, or an designated individual landmark or contributing property within a landmark district within select Illinois communities.
Qualifying rehabilitations must be substantial with qualified rehab expenses (QREs) equal to or greater than 25% of the Assessor’s Fair Market Value of the property. Qualifying rehabilitation designs must also meet the Secretary of the Interior's Standards for Rehabilitation and be approved by the Illinois State Historic Preservation Office (SHPO).
For successful property tax freeze projects, the assessed value of the property is frozen for an eight-year period, then gradually increased to the current assessed value over a subsequent four-year period.
The State of Illinois' Property Tax Assessment Freeze program offers a rehabilitation incentive to owners of certified historic structures used as their principal residence. To be considered a “certified historic structure,” a property must be individually listed in the National Register, listed as a contributing property within a National Register Historic District, or an designated individual landmark or contributing property within a landmark district within select Illinois communities.
Qualifying rehabilitations must be substantial with qualified rehab expenses (QREs) equal to or greater than 25% of the Assessor’s Fair Market Value of the property. Qualifying rehabilitation designs must also meet the Secretary of the Interior's Standards for Rehabilitation and be approved by the Illinois State Historic Preservation Office (SHPO).
For successful property tax freeze projects, the assessed value of the property is frozen for an eight-year period, then gradually increased to the current assessed value over a subsequent four-year period.