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TAX SAVINGS FOR HOMEOWNERS
Granacki Historic Consultants
TAX SAVINGS FOR
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by Victoria Granacki
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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.

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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