Illinois has no equivalent to California's Mills Act. Chicago landmark owners instead use the Class L property tax incentive under 35 ILCS 200/15-40 and Cook County Assessor rules, freezing assessed value for twelve years on rehabilitated landmarks.
California's Mills Act allows local property tax reduction contracts; Illinois never adopted that model. Instead, the Illinois Property Tax Code 35 ILCS 200/15-40 authorizes the Class L incentive administered by the Cook County Assessor. Chicago landmark owners who invest at least half the building value in qualifying rehabilitation receive a frozen assessment at the lower pre-rehab level for eight years, followed by a four-year phase-up. Eligible properties must be designated Chicago Landmarks or contributing buildings in landmark districts; commercial use is permitted. Applications go to the Commission on Chicago Landmarks for preliminary approval, then to the Assessor for final certification. The freeze applies to both land and improvements at all assessment levels.
Failing to maintain landmark integrity during the 12-year Class L period or completing rehabilitation that violates Commission-approved scope can void the freeze, triggering retroactive reassessment at full market value plus interest under Cook County rules.
Chicago, IL
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Chicago, IL
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Chicago, IL
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See how Chicago's mills act contracts rules stack up against other locations.
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