Recently, the Cook County (Illinois) Board of Commissioners voted to suspend the annual filing requirements for Class 6b Incentive Compliance Affidavits until the assessment year 2022 (except for SER program recipients who still need to file annually). Please note for clarification, a Compliance Affidavit will still need to be filed (prior to 2022) in the year the property undergoes a triennial reassessment
In the past, the Cook County Board has required such Compliance Affidavits to be filed, sometimes on a “triennial” basis or sometimes on an annual basis. The reason for the change in policy by the Cook County Board is that the annual filing of the Compliance Affidavit was deemed to impose an administrative burden on small businesses with the Class 6b status. Of course, the suspension of the filing of the Compliance Affidavits until 2022 does not relieve the taxpayer from compliance with the Cook County Ordinance provisions, and requirements related to obtaining and maintaining the Class 6b incentive. Owner’s should continue their vigilant compliance and record keeping practices. Should you have any question about this matter or the Class 6b real estate tax incentive program, please contact Tim Hammersmith in the Firms’ Real Estate Practice Group at 312-245-7500 or thammersmith@masudafunai.com.