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Cook County Class 7b — Commercial Real Estate Incentive (>$2M Projects)
Cook County Assessor + municipal Resolution of SupportSee programDeadline: Application required prior to substantial rehabilitation, new construction, or re-occupation. Resolution of Support from municipality required.
Cook County property tax incentive for larger commercial development projects. Same structure as Class 7a but for projects exceeding the $2M threshold. Used heavily for mid-size commercial redevelopment, hotel renovation, larger mixed-use, and major office building rehab in Cook County.
Program details
- Agency
- Cook County Assessor + municipal Resolution of Support
- Level
- County
- Category
- Property Tax Abatement
- Eligibility
- Commercial real estate (retail, office, mixed-use, hotel) in Cook County with TOTAL PROJECT COST GREATER THAN $2 MILLION, meeting one of: (a) new construction; (b) substantial rehabilitation (≥50% of existing market value); (c) re-occupation of abandoned commercial property vacant ≥24 months. Same area-of-need designation as 7a.
- Funding Amount
- Reduced property tax assessment ratio: 10% of market value for 10 years, 15% in year 11, 20% in year 12 (same schedule as Class 6b/7a). ~60% property tax savings over 12-year incentive period. Larger project size = larger absolute dollar value (often $500K–$3M+ over the incentive period).
- Deadline
- Application required prior to substantial rehabilitation, new construction, or re-occupation. Resolution of Support from municipality required.
- Status
- open
- Geographic Scope
- Illinois only
- Project Types
- real_estate, commercial, retail, office, mixed_use, hotel
- Client Types
- commercial
- Notes
- For evlv.energy clients: surface for major commercial redevelopment in Cook County. Most powerful stack: federal HTC + IL state HTC + NMTC + OZ + §179D + MACRS + COOK-7B = often covers 60–80% of qualifying rehab cost. This is the kind of project type where the Development Incentive Audit service has highest absolute dollar value.
Source: Grantya research. Confirm current terms with the administering agency before applying.