Joyce Joins with Community Leaders to Launch Southland Reactivation Act (Chicago Heights, IL) — Last Friday, State Senator Patrick Joyce joined local community leaders to launch the Southland Reactivation Act. The purpose of the Southland Reactivation Act is to attract development, create jobs and lower property taxes in the south suburbs.
“This bill is a big win for the Southland community. It will break the cycle of disinvestment that has been happening for too long in this area,” said Joyce. “This economic development tool has the potential—at no cost to the State— to address blight, expand the tax base, create local jobs in the south suburbs and assist in reducing property taxes for homeowners.”
The bill targets commercial and industrial properties that have shown a clear pattern of economic stagnation or decline of real estate taxes as a result of depressed conditions. The property must be located in Bloom, Bremen, Calumet, Rich, Thornton or Worth Townships in Cook County.
Identified properties that meet qualifying criteria would be assessed at 50% of the last known equalized assessed value. For the first year a property is certified as a southland reactivation property, the aggregate tax bill liability for the property cannot exceed $100,000. Discounts on the liability would decrease gradually, but continue for a total of 12 years.
Alongside this, a web page was unveiled on the South Suburban Mayors & Managers Association’s website that further explains the plans of what is to come, as well as eligible properties, which can be found here.
Joyce Joins with Community Leaders to Launch Southland Reactivation Act