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What is the enterprise zone property tax abatement incentive?

April 26, 2017abatement Enterprise zone

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What is the enterprise zone property tax abatement incentive?

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The Revenue Act 35 ILCS 200/18-170, as amended provides that any taxing district may order the County Clerk to abate (that is, to give up) any portion of its taxes on real property, or on any particular class thereof, located within a zone and upon which new improvements have been constructed or upon which existing improvements have been renovated or rehabilitated.