Exact(5)
TAXES: The building qualifies for a five-year tax abatement.
Permitted development laws require that before the building goes up, the council needs to confirm that the proposed building qualifies.
For now, many buildings are holding off on decisions to see the final list of who in their building qualifies and who does not.
Homeowners usually are not eligible, but if part of a residence is rented out and the building qualifies otherwise, the owner can get a prorated share of the credit.
"The new criteria for historic designation are now more objective and should bring greater clarity to property owners about whether their building qualifies as historic".
Similar(3)
The building qualified for the landmark Class L tax status, which makes it eligible for twelve years of reduced property taxes and other economic incentives for repair and rehab of historic buildings> In order to perform the renovation the owners took out a $43.3 million loan against the property according to Form 8-K filings with the U.S. Securities and Exchange Commission.
Most of the buildings qualify for federal and state historic restoration tax credits.
None of the buildings qualify as the most expensive in Chicago.
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