Breaking News Bar
updated: 3/17/2017 4:20 PM

Mount Prospect favors extending Goodwill tax break

hello
Success - Article sent! close
 
Daily Herald report

Mount Prospect village trustees have recommended renewing a Class 6b Tax Abatement for Goodwill LLC, located at 411 Kingston Court, in the Kensington Business Center. The 42,120-square-foot building is the home to YS Health, which manufactures and distributes food products, health products and cosmetics and employs 40 workers.

The 6b program provides some relief from the higher assessments on commercial and industrial property in Cook County. It requires a resolution from the community where the business is located and final approval from the county.

For the first 10 years of the program, the assessment is reduced from the standard 25 percent for commercial property to 10 percent, which is closer to the rate at which the county assesses residential property. In year 11, the assessment then climbs to 15 percent, and in year 12 to 20 percent. After that, the property is assessed at the full 25 percent. Extensions of the lower rate can be granted after 10 years.