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A property tax freeze is available for owner-occupants of historic
homes in Illinois who spend 25% of the Assessor's market value
on an approved rehabilitation. Owners of homes that are individual
landmarks or contributing structures within a designated historic
district can have their property tax assessment frozen for eight years
at the level it was BEFORE rehabilitation began, returning to the
current market value in quarterly increments over the following four
years. Landmark homes and condominiums may be rehabilitated and
sold by a developer, passing the assessment freeze to the purchaser.
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Which properties are eligible?
Owner occupied single family homes, condominiums, and cooperatives,
and owner occupied 2-6 unit residences in Illinois that also:
- are either listed individually on the National Register of Historic Places, are designated local
landmarks, or contribute to the significance of a designated historic district in Chicago or other
historic communities throughout Illinois.
- spend 25% of the Assessor's fair market value on a rehabilitation that meets historic design
guidelines for the program as outlined in the Secretary of the Interior Standards for
Rehabilitation.
Our projects have included hundreds of homes and condominiums in Chicago historic districts such
as Old Town, Gold Coast, Lakeview, East Ravenswood, Lakewood-Balmoral, Hyde Park-Kenwood,
Ridge and more. Eligible suburban properties are found in Evanston, Glencoe, Highland Park, Lake
Forest, Oak Park, Hinsdale and many other communities.
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