Cook County committee approves amendment to real estate assessment classification ordinance to extend incentives and tighten oversight

The Business and Economic Development Committee approved a proposed amendment to the Cook County Real Estate Assessment Classification Ordinance (chapter 74, Article 2, Division 2) aimed at extending and modernizing incentive classifications and strengthening oversight.

The chair summarized the changes in item 26.0936: the amendment would extend incentive classifications currently set to expire in 2027, require applicants to attest to prevailing-wage compliance, require disclosure of redevelopment agreements, remove an outdated authorized-officer-letter provision, revise application and renewal timelines (allowing renewals in years 10–12), sunset the Class 7a incentive and direct new qualified commercial projects to apply under Class 6b (effectively eliminating an unusual Class 8a), expand the definition of abandonment to include properties with five or more years of delinquent taxes acquired from government entities, revise Class 8 micro eligibility to align with IL EDGE tax credit recipients, and require triannual reassessment periods.

The chair said the changes reflect a joint review by the Department of Planning and Development and the assessor's office. A representative from the Bureau of Economic Development, Cheryl Caldwell, was present to answer questions; the chair said there were no further member questions. Commissioner Bridal moved the motion and Commissioner Moore seconded. The committee voted by voice and the chair announced, "Ayes have it." The motion carried and the ordinance amendment will take effect on 06/01/2026, as presented.