Schaumburg is a thriving economic center, offering first-rate services and a premier business location. To assist with business recruitment, the Village of Schaumburg works with Cook County to help attract economic activity to vacant properties in need of commercial and industrial development.
The Cook County Class 7B real estate tax incentive allows eligible commercial users to reduce their assessed value for a period of twelve years. Eligible properties must be for commercial development and meet the following criteria:
More information on the Class 7B application can be found on the Cook County Assessor's website.
The Cook County Class 6B real estate tax incentive allows eligible industrial users to reduce their assessed value for a period of twelve years. Eligible properties must be for industrial development and meet the following criteria:
The Village of Schaumburg also requires that applications seeking an incentive meet certain criteria in order to be considered for approval. The Village's official Class 6B policy can be viewed and downloaded here.
More information on the Class 6B application can be found on the Cook County Assessor's website.
Schaumburg receives $5.9 million each year in tax-exempt bonds that can be used by existing Schaumburg industries to expand or attract new industries. The interest rates on these industrial revenue bonds are 65-80% lower than conventional bank interest rates and typically save 10-25% of the amount financed. Eligible applicants are limited to manufacturers that alter or add value to raw materials. Wholesalers, distributors and retailers are not eligible.
Eligible uses of the funds include: