Historic Near West Side Building to Receive Landmark Tax Incentive Under Mayor Johnson's Proposal

By Socialhood News · Il/Chicago/Near West Side · October 25, 2025

A historic Near West Side building is poised to receive valuable preservation support through a Cook County Class L property tax incentive, following a proposal introduced to City Council by Mayor Brandon Johnson in mid-October 2025.

The Class L incentive program is designed to encourage the preservation and rehabilitation of landmark commercial, industrial, and income-producing non-profit buildings throughout Cook County. Property owners who invest at least half of their building's market value in approved rehabilitation projects can benefit from significantly reduced property tax assessment levels—down to just 10 percent for the first ten years, compared to the standard rate of 25 percent. The rate then gradually increases to 15 percent in year eleven and 20 percent in year twelve before returning to regular levels.

This development represents continued investment in preserving Near West Side's architectural heritage while promoting economic growth. Residents interested in learning more about landmark buildings in the neighborhood or the Class L incentive program can visit the Department of Planning and Development's Historic Preservation Division website or attend the next Near West Side community meeting to discuss this and other neighborhood improvement initiatives.

Sources:
1. https://www.chicago.gov/city/en/depts/dcd/provdrs/hist/news/2025/october/landmark-tax-incentives-proposed-for-loop--near-west-side-buildi.html
2. https://www.chicago.gov/city/en/depts/dcd/provdrs/hist/svcs/class_l_propertytaxincentive.html