New Property Tax Incentive Available for Multifamily Owners!
A new statewide property tax incentive for multifamily rental was recently signed into law by Governor Pritzker. This incentive was developed by The Preservation Compact and its many partners over a years-long process of convening partners across the housing industry, including nonprofit and neighborhood developers, SRO owners, affordable housing advocates, and other groups.
The program is launching early next year and building owners may be eligible to receive as much as a 35% reduction in their assessed value.
This groundbreaking incentive is designed to help all multifamily rental owners – so no matter if you own 7 units or more than 500, you can apply to be a part of the program and save money!
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