Responding to continued economic losses in the south suburbs, State Rep. Anthony DeLuca has filed legislation that would reduce taxes on land bank properties in an attempt to stimulate redevelopment. “The problem facing the Southland region is that, when our manufacturing and industrial jobs left, nothing replaced them,” DeLuca says. House Bill 1842 would create a special designation in several south suburban townships for commercial- or industrial-zoned properties that have been vacant for a year or more. If developers apply for and receive the designation, the value would be capped at 50 percent of the last assessment, reducing tax rates overall, according to DeLuca.
News,Region: Chicago,City: Chicago
via Fra Noi – Fra Noi https://franoi.com
April 18, 2021 at 10:05AM