Preservation Services Financial Incentives

Homeowners can receive property tax benefits by qualifying for the Property Tax Assessment Freeze Program. Income-producing properties (commercial or residential apartments) can qualify for federal income tax credits by utilizing the Federal Historic Preservation Tax Credits. Each of these programs has different applications and eligibility procedures. See the links below.

The Property Tax Assessment Freeze Program offers property tax benefits to qualifying owner-occupied historic residences.

The Federal Historic Preservation Tax Credits offers federal income tax credits to owners who undertake certified rehabilitations of qualifying historic income-producing properties (rental residential, commercial, industrial, or agricultural).

The Illinois Historic Preservation Tax Credits offers state income tax credits to owners who undertake certified rehabilitations to qualifying historic income-producing properties located in a River Edge Redevelopment Zone (Aurora, East St. Louis, Elgin, or Rockford).

The Historic Rehabilitation projects in Illinois 2000 - 2012 report highlights some of the projects from around the state. Historic properties in Illinois received more than $ 2.3 billion dollars in reinvestment from 2000 to today for owners who utilized the federal rehabilitation tax incentives. In 2011, Illinois was first in the nation with more than $ 365 million in certified rehabilitation expenditures. This investment was stimulated by $ 460 millions in federal tax credits. Based upon recognized national models, this investment created more than 37,000 jobs.