Secret Tax Break Cook County Landlords Are Using to Make a Killing on Affordable Housing Revealed

Hundreds of Cook County landlords each year are taking advantage of a property tax incentive designed to preserve and create affordable housing. The incentive, offered by the Cook County Assessor's Office, allows eligible landlords to pay a lower property tax rate on their rental properties in exchange for keeping rent affordable for low- and moderate-income residents.

The property tax incentive has been on the books for several years but has only recently gained attention as the demand for affordable housing continues to grow in Cook County. According to data from the Cook County Assessor's Office, over 1,000 landlords have taken advantage of the incentive in the past three years, resulting in a significant reduction in property taxes owed.

The incentive is available to landlords who own properties with six or more units and agree to keep rent affordable for at least 20% of the units. To be eligible, landlords must also agree to participate in a tenant selection process that ensures the units are rented to low- and moderate-income residents. In exchange, participating landlords receive a significant reduction in their property tax rate, which can result in savings of thousands of dollars per year.

Proponents of the incentive argue that it helps to preserve and create affordable housing options in Cook County, where the demand for affordable housing far outstrips the supply. By offering a financial incentive to landlords, the county is able to encourage more property owners to participate in affordable housing initiatives. Critics, on the other hand, argue that the incentive is not doing enough to address the root causes of the affordable housing crisis in Cook County.

Despite these criticisms, the property tax incentive remains a popular option for landlords looking to reduce their property tax liability while also contributing to the development of affordable housing options in Cook County. To be eligible for the incentive, landlords must submit an application to the Cook County Assessor's Office by the designated deadline. Applications are reviewed and approved on a case-by-case basis, and landlords who are approved for the incentive must agree to participate in regular audits to ensure compliance with the program's requirements.