Community Development - Cook County Tax Incentives

As the City of Countryside does not levy a municipal property tax on City businesses (or City residents), this is often a primary financial incentive for businesses to remain or relocate to Countryside.  However, the City recognizes that certain commercial ventures may need additional municipal assistance and thereby created the Countryside Sales Tax Revenue Sharing Program to assist businesses in a variety of development and redevelopment projects. The City also offers a Low Interest Rate Business Loan Program for eligible businesses and projects.

In addition to the municipal incentives, Cook County has also developed a series of additional business development incentives that are available to qualified Countryside businesses.  The following is a short description of such County incentives, please contact the Cook County Business Assistance Center at (312) 603-1070 for more information.

Cook County Property Tax Incentives - A Class 6b incentive reduces the assessment level on qualifying industrial businesses from 36% to 16% for 8 years, increasing gradually to 36% in Year 11. Specific Class 6b questions can be directed to the Cook County Assessor's Office at (312) 603-7259, or visit their website at www.cookcountyassessor.com.  A Class 7a incentive allows for up to a 50% reduction in a commercial company's total property tax bill for a 10-year period (projects of $2 million or less).  A Class 7b incentive is the same as the Class 7a, but reserved for industrial or commercial projects over $2 million. 

Cook County No Cash Bid Program - An incentive to redevelop tax delinquent commercial, industrial or residential real estate by eliminating all back taxes, interest and penalties.  This programs allows a developer to acquire real estate at no cost.  Development plans must be approved by the local municipality.

Cook County Revolving Loan Fund - This fund offers an interest at half prime rate (no points) fro projects ranging from $25,000 to $300,000.  A minimum of 51% of jobs must be filled by low to moderate income individuals.

Cook County Industrial Revenue Bonds - Cook County issues a variety of public and private purpose tax-exempt revenue bonds.

Additionally, the State of Illinois' Department of Commerce and Economic Opportunity lists a wide variety of state incentives at www.commerce.state.il.us. 

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