VOCAL Neighbors

Link to Illinois Historic Preservation Agency - Tax Information

According to the Illinois Historic Preservation Agency, you cannot get any property tax breaks unless 25% of your property's market value is spent on rehab projects for the historic property:


To qualify for the Property Tax Assessment Freeze, a property must:
Be a registered historic structure, either by listing on the National Register of Historic Places, or designated by an approved local historic preservation ordinance;
Be used as a single-family, owner-occupied residence or condominium, or as a cooperative, or as an owner-occupied residential building with up to six units;
Have at least 25 percent of the property's market value spent on an approved rehabilitation project
Be a substantial rehabilitation that significantly improves the condition of the historic building;
Be rehabilitated in accordance with the Secretary of the Interior's "Standards for Rehabilitation."

Find out more at:

http://www.state.il.us/hpa/PS/taxfreeze.htm

posted by The Grants @ 7:44 AM