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Soulja Boy Group

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Levi Diaz
Levi Diaz

Tax Reductions

Reduced Assessments Also Increased State Spending on Education. About 40 percent of local property tax revenues go to schools. In most cases, property tax revenues that go to schools and community colleges offset required state spending on education. As a result, most reductions in school property taxes are made up by increases in state resources for education. Thus, the 3.2 million Proposition 8 reduced assessments, which lowered total local property taxes by about $7 billion, likely increased state education spending by about $3 billion in 2013-14.

tax reductions


The programs and incentives are offered to commercial, retail, industrial, and non-profit organizations that are retaining and adding jobs for community residents. Assistance includes grants, tax reductions, loans, land-write downs, fee waivers and other forms of business aid. Program participation is subject to an application process to determine eligibility. Businesses are encouraged to review terms and conditions with program representatives prior to filing an application.Class 6(b) Property Tax IncentiveThe Class 6(b) program offers a 12-year reduction in real estate assessments from the standard Cook County industrial rate of 25 percent. Qualifying properties are assessed at 10 percent for the first 10 years, 15 percent for the 11th year and 20 percent for the 12th year. Properties must be used for industrial purposes and involve: 041b061a72


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