Share to Facebook Share to Twitter Bookmark and Share
File #: 20-0768    Version: Name: Affidavit Waiver Amendment
Type: Ordinance Amendment Status: Approved
File created: 12/16/2019 In control: Business and Economic Development Committee
On agenda: 12/19/2019 Final action: 1/16/2020
Title: PROPOSED ORDINANCE AMENDMENT PROPOSED SUBSTITUTE ORDINANCE AMENDMENT (FILE# 20-0768) (Business and Economic Development Committee 1/15/2020) Sponsored by: DONNA MILLER, County Commissioners AN AMENDMENT TO CHAPTER 74, ARTICLE II, REAL PROPERTY TAXATION WHEREAS, the Cook County Property Tax Incentive program is one of the most effective tools to attract and retain businesses in Cook County; and WHEREAS, the program is particularly important in areas that have economic stagnation and high property tax rates such as exists in the Southland; and WHEREAS, part of the changes included a shift in the affidavit requirements of the incentive program, which changed from a 3-year requirement to an annual requirement. This change created an administrative burden on small businesses; and WHEREAS, the County seeks to minimize administrative burden and facilitate new business creation while maintaining compliance with tax incentive requirements; and WHEREAS, extending the assessment year wai...
Sponsors: DONNA MILLER, ALMA E. ANAYA, SCOTT R. BRITTON, KEVIN B. MORRISON
title
PROPOSED ORDINANCE AMENDMENT

PROPOSED SUBSTITUTE ORDINANCE AMENDMENT (FILE# 20-0768)
(Business and Economic Development Committee 1/15/2020)

Sponsored by: DONNA MILLER, County Commissioners

AN AMENDMENT TO CHAPTER 74, ARTICLE II, REAL PROPERTY TAXATION

WHEREAS, the Cook County Property Tax Incentive program is one of the most effective tools to attract and retain businesses in Cook County; and

WHEREAS, the program is particularly important in areas that have economic stagnation and high property tax rates such as exists in the Southland; and

WHEREAS, part of the changes included a shift in the affidavit requirements of the incentive program, which changed from a 3-year requirement to an annual requirement. This change created an administrative burden on small businesses; and

WHEREAS, the County seeks to minimize administrative burden and facilitate new business creation while maintaining compliance with tax incentive requirements; and

WHEREAS, extending the assessment year waiver would allow time to bring businesses into compliance with the incentive requirements;

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 74-75, of the Cook County Code is hereby amended as follows:


Sec. 74-75. - Incentive classification affidavit requirement waiver.

(a) This Section shall apply to existing incentives classifications, pending applications and eligibility/renewal applications submitted during the 2017, and 2018, 2019, 2020, and 2021 assessment year years. The Assessor's Office shall liberally construe this Section to effectuate its intent as set forth in subsections (b) and (c) below.

(b) Compliance with the existing affidavit requirements of Sections 74-71(a)(2) and (a)(8), 74-71(b)(7), 74-71(c)(2), 74-72 and 74-74 (b) and (d) shall be waived for the 2017, and 2018, 2019, 2020 and 2021 assessment years...

Click here for full text