Real Estate Tax Abatement

Overview

• Real Estate Tax Abatement is a development tool designed to assist developers, businesses, and individuals with renovation and new construction projects.

• Tax Abatement freezes the tax assessment in improvements to property at the pre-development level.

• To be eligible for tax abatement, a significant investment must be made in the property; generally either new construction on vacant land or gut rehabilitation of an existing building.

• Application must be made before construction begins.

• The usual term for tax abatement is 5 to 10 years.

• It is imperative that a company or individual seeking tax abatement obtain the support of the Alderman of the Ward in which the development is proposed.

• A "recommended Abatement Map for Residential Projects Under
  $1 Million" was adopted by the Board of Aldermen through resolution 104 which was passed by the board on 10/29/2018.

In This Section

Contacts

Residential Recommended Tax Abatement Map

Tax Abatement Parcels Map