Chicagoland’s prominence as a logistics and industrial hub benefits residents, employees, landlords, and tax authorities alike. It brings jobs, goods, new commerce, and tax revenues to the metropolitan area. However, the real estate and infrastructure supporting these industries are spread over multiple counties and across tax jurisdictions. To level the property tax playing field, Cook County offers a tax incentive program. Class 6B allows eligible Cook County industrial properties to apply for a reduced assessment level—from 25% fair market value down to 10% fair market value—which is meant “to attract new industry, stimulate expansion and retention of existing industry, and increase employment opportunities.”
To make sense of this incentive program and learn how to apply it in today’s real estate environment, Bradford Allen’s Ronan Remandaban, Executive Managing Director and Industrial Market Leader, sat down with tax and zoning expert Fred Agustin, attorney at Maurides, Foley, Tabangay, Turner, & Agustin. Fred explains what 6B status is, how to qualify, and discusses with Ronan the merits and best practices of the program. Join us for a timely and practical discussion about minimizing your tax liability in Cook County.