TAX INCENTIVES & ZONING
We assist organizations in the identification of and application for all applicable governmental programs in order to minimize cost, increase available capital for developmental projects, and secure tax benefits for existing properties in the organization’s portfolio.
Property taxes are not only the largest recurring expense but may have a negative impact on owners, developers and the economic viability of a piece of real estate. Moreover, local guidelines, laws and/or policies may exacerbate the consequences of property taxes on a subject’s development. In response to these obstacles and to encourage redevelopment, local governments have established a series of tax abatement (reduction of property taxation for a defined period of time) or incentive (reduction of the level or rate of assessment or taxation) programs for developers and property owners.
Our methodical approach in the application and approval processes of and presentation before the relevant governmental jurisdictions enables our clients to reduce their real estate project’s tax liability. For example, in Cook County, significant tax savings and benefits were derived from a combination of conditional use zoning relief, application for tax incentive and assessed valuation appeal of over 150,000 square feet of manufacturing and warehousing space resulted in initial tax savings in excess of $415,000 and an additional, estimated tax savings of $517,000 per year for a twelve-year period.