Cook County Floats 7b-Style Tax Break for Land Bank Sites
A proposed Cook County resolution would cut assessments on vacant land sold by the Land Bank Authority to 10 percent for ten years. It is held in committee.
Illustration- Source Briefing
- Public record
A proposed Cook County Board resolution would create a property tax incentive for vacant land that the Cook County Land Bank Authority acquires and sells, modeled on the Class 7b commercial incentive. The measure, record 26-2584, is held or deferred in the Business and Economic Development Committee and has not been adopted.
Why it matters
The resolution says existing incentives are built around buildings and projects, not around the slow work of assembling vacant parcels. It describes a “buy back the block” approach in which the Land Bank and its partners acquire contiguous or related parcels, then clear title, remediate and plan before building. A reduced assessment during that period would lower carrying costs on the land.
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For land buyers, the draft is specific about who would qualify: vacant property the Land Bank acquired by purchase, donation, tax-delinquent sales, government transfer or deed in lieu, and then sold to the party requesting the break. Several parcels bought as one coordinated assembly could be treated together.
The numbers
The draft would give qualifying land an assessment level of 10 percent of market value for the first ten years, 15 percent in the eleventh year and 20 percent in the twelfth, the same schedule Class 7b gives commercial property, “or such alternative schedule as may be determined appropriate.” The initial assembly period would be 18 months, with up to two one-year extensions that each require documented progress, for a 36-month maximum. The resolution also says an implementing ordinance must reach the Board within 180 days of adoption. One wrinkle: the preamble refers to a 24-month initial period, while the operative clauses say 18 months, so the final text may change.
What’s next
Because a property tax classification must be set by ordinance, adopting the resolution would only direct staff to draft one. Priority uses listed include affordable housing, community land trusts, parks and urban agriculture, with neighborhood commercial development last on the list. Watch the committee for amendments to the schedule and for the speculative-holding safeguards. See also the Chicago market page.
Quick answers
- What is the latest on Cook County Land Bank Authority in Chicago?
- A proposed Cook County resolution would cut assessments on vacant land sold by the Land Bank Authority to 10 percent for ten years. It is held in committee.
- What are the key numbers for Cook County Land Bank Authority?
- Assessment level: 10%; Max assembly: 36 months; Ordinance due: 180 days.
- Where does the information on Cook County Land Bank Authority come from?
- The story cites Cook County Board of Commissioners (Legistar).
On the record
Cook County Board record 26-2584 would model the incentive on Class 7b assessment levels (10 percent for ten years, 15 percent in year eleven, 20 percent in year twelve), with an 18-month assembly period, two possible one-year extensions and a 36-month maximum; status is held or deferred in the Business and Economic Development Committee.
Public record · cook-county.legistar.com