Southland Reactivation Program Signed into Law
Senate Bill 3189 now P.A. 102-1010 amends the Property Tax Code to provide that certain properties located in Bloom, Bremen, Calumet, Rich, Thornton, or Worth Townships may be certified as ‘southland reactivation property’.
Statute provides that, beginning with the first tax year after the property is certified as southland reactivation property and continuing through the twelfth tax year after the property is certified as southland reactivation property, the property shall be valued at 50% of the base year equalized assessed value. It provides that the base year is the last tax year prior to the date of the application for southland reactivation designation during which the property was occupied and assessed and had an equalized assessed value. It sets forth the maximum aggregate tax liability for property that has been certified as southland reactivation property.
This change was a priority of Cook County Assessor Fritz Kaegi. A copy of the statute is available at Website.