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Owners of certain rental properties in Chicago who lease to families with vouchers may be eligible for a reduction in their property taxes. |
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About the Housing Choice Voucher Tax Savings Program
The Housing Choice Voucher Tax Savings Program enables owners of certain rental properties to lower property taxes by partnering with the Housing Choice Voucher Program. The program, which applies to counties in Illinois with populations over 200,000, is administered by local housing authorities in conjunction with the county clerk. For this reason, restrictions and eligibility requirements vary from township to township.
In Chicago, the Housing Choice Voucher Property Tax Savings Program is administered by the Chicago Housing Authority and CHAC.
Guidelines for Chicago
To qualify for the tax savings program in Chicago, owners must meet the following guidelines:
- The property must be located in a census tract with a poverty rate below 10 percent
- At least one unit must be leased to a family participating in the Chicago Housing Choice Voucher Program as of January 1 of the year for which the owner is applying for the tax savings
- The eligible unit(s) must be in compliance with federal housing quality inspection standards as of January 1 of the year for which the owner is applying
- The building must be in substantial compliance with local building codes
Finding out whether your property qualifies
In Chicago, there are more than 139,000 properties located in census tracts that qualify for the tax savings program. You can find out whether your property is in a qualifying census tract by visiting the web site: www.ffiec.gov/Geocode/default.htm. Instructions on how to navigate the site and find the poverty level of the census tract where your property is located are available for download on this Web site.
Based on the program’s criteria and deadlines, more than 1,300 property owners in Chicago are eligible for a significant reduction in their 2008 property taxes (billed in 2009). The program is in effect through the year 2014, leaving a continued opportunity for more eligible owners to take part in the substantial property tax savings.
DOWNLOADS:
Tax Savings Program Application
Illinois Housing Authority Contact List
Census tract instructions for tax savings program
