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
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).
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.
Preservation Services Links