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2nd PROPOSED SUBSTITUTE ORDINANCE AMENDMENT TO FILE #19-1965
AN AMENDMENT TO CHAPTER 74, ARTICLE II, REAL PROPERTY TAXATION
WHEREAS, vacant properties can devastate a neighborhood and block, undermine neighbors' quality of life, and diminish the value of nearby properties; and
WHEREAS, they also cause severe fiscal damage to local governments, reducing local tax revenues while costing cities millions for policing, cleaning vacant lots, and demolishing derelict buildings; and
WHEREAS, most vacant buildings and houses are well maintained, but many are not and thousands can sit empty for years, abandoned by their owners, deteriorating to the point where they cannot be reused without major rehabilitation with many ultimately demolished, leaving vacant lots in their place; and
WHEREAS, besides their impact on social and economic conditions, vacant, abandoned properties have a devastating effect on the fiscal condition of their cities, towns, and counties; and
WHEREAS, not only do they pay little in property taxes and generate little revenue for the city or county when sold at tax sales, but they further reduce property tax collections by millions of dollars by devaluing neighboring properties;
NOW THEREFORE, BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74 - Taxation, Article II - Real Property Taxation, Division 2 - Classification System for Assessment, Section 74-73, of the Cook County Code is hereby amended as follows:
Sec. 74-73. - Suspension, Revocation or cancellation of incentive classification.
(a) The following Incentive Classifications are subject to suspension, revocation or cancellation herein pursuant the provisions of this section: Class 6b; Class 6b (special circumstances); Class 6b TEERM; Class 6b SER; Class 7a; Class 7b; Class 7c; Class 8; and Class 8 TEERM.
(b) The incentive may be suspended, revoked, or cancelled by the Assessor under the following circumstances:
(1) By rule, as provided by the Asse...
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