Tax Abatement Forms

Redeveloper's Kit Table of Contents

Guidelines for Prospective Developers

Statement of Qualifications

Non-Collusive Affidavit

Summary of Information Required - "21 Questions"

Small Site (Chapter 99) Tax Abatement Application

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Real Estate Tax Abatement is an incentive program to assist developers and businesses with renovation and new construction projects. The Alderman of the ward in which development is proposed is a key to the tax abatement process. Tax Abatement can be provided anywhere in the City after an Ordinance is approved. Some areas are pre-approved (i.e. Enterprise Zone). Tax Abatement freezes Tax Assessment of new improvements at the pre-development level. The usual term for a Commercial/Industrial Project is a 10 year full abatement. The City has by statute the ability to provide up to 25 years of abatement (10 year full + 15 year abatement at 50%). However, application for abatement greater than 10 years generally must show extraordinary cost, development obstacle, or extraordinary impact. The time frame for approval is 90 days.

Tax Abatement Process and Submittal Requirements

Examples:

Company constructs new building on raw land - for a 10 year period tax bill is based on land assessment only.