Commercial and Industrial Property Tax Abatement
Property taxes are abated based on the increase in assessed valuation due to new construction, renovation or rehabilitation of eligible commercial and industrial properties. The value of said construction, renovation or rehabilitation requires a minimum building materials purchase of $50,000. The abatement will be for five consecutive years beginning with the real estate taxes for the first full year of the facility's commercial operation.
When no other abatements are available, the abatement will consist of 50% of the amount excess of the base amount year and the next (4) consecutive years.
The following Governmental Units have chosen to participate in the Enterprise Zone property tax abatement program through December 31, 2030:
Village of Matteson
Village of Monee
Village of Park Forest
Village of Richton Park
Village of University Park
A waiver of 50% of building permit or zoning application fees for projects of industrial or commercial building construction or rehabilitation in which the cost of building construction materials will exceed $50,000.