SB3189 Summary

• Establishes "Southland reactivation property" tax incentive program for abandoned or vacant commercial/industrial properties in six Cook County townships (Bloom, Bremen, Calumet, Rich, Thornton, Worth)

• Property must be designated by municipality resolution, held by a participating entity (municipality, South Suburban Land Bank, or Cook County Land Bank), and meet criteria including 12+ months of vacancy and approval by municipal authorities

• Certified properties receive property tax reduction valued at 50% of base year assessed value for years 1-12 after certification, with year one capped at $100,000 total annual liability and subsequent years increasing by 10% annually

• Participating entities must collect and annually report data on applicants, addresses, proposed uses, investment amounts, jobs created, and certification details to affected taxing districts and General Assembly members

• Program applications must be filed within 5 years of the act's effective date, with certifications nonrenewable unless the municipality approves transfer to a new owner with no change in property use