SPRINGFIELD, Ill. – A proposal spearheaded by state Rep. Anthony DeLuca, D-Chicago Heights, to create jobs, lower property taxes and incentivize local commercial and industrial redevelopment advanced Thursday out of the House Revenue and Finance Committee.
“The Southland Reactivation Act is an exciting economic tool we can use to attract investment to our community,” DeLuca said. “By encouraging businesses to move into the area and create jobs, we’ll create an environment that expands the local tax base and drives down property tax costs on homeowners.”
Senate Bill 3189 would create the Southland Reactivation Act, which institutes a special designation for underutilized property in the south suburbs of Chicago in Bloom, Bremen, Calumet, Rich, Thornton and Worth Townships. Identified properties that meet qualifying criteria would be assessed at 50% of the last known equalized assessed value. For the first year a property is certified as a southland reactivation property, the aggregate tax bill liability for the property cannot exceed $100,000. Discounts on the liability would decrease gradually, but continue for a total of 12 years.
“This could be a game changer for properties that have set empty for years,” DeLuca said. “With our area already positioned well with great infrastructure and access to transportation, I’m confident that this will attract significant investment that will provide benefits to our community for years to come.”
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