Property Tax Assessment Freeze Program
The Village of Barrington Historic Overly District was recently awarded the Certified Local Government (CLG) status by the National Park Service and Illinois Historic Preservation Agency. This certification recognizes the Village of Barrington at both the federal and state level for being committed to historic preservation through the enforcement of an approved historic preservation ordinance. One of the benefits to becoming a CLG at the state level is the opportunity to participate in the property tax assessment freeze program under the Illinois Revenue Act. This program provides property owners the opportunity to apply for an eight (8) year freeze on the assessed value of their historic residences upon completion of a qualifying rehabilitation project.
The purpose of the tax assessment freeze program is to provide a financial incentive to property owners that have substantially rehabilitated their historic homes. The program freezes the assessed value of a historic owner-occupied principal residence for a period of eight (8) years, followed by a four (4) year period during which the assessed value steps up to an amount based upon its current market value. This results in a total of twelve (12) years of reduced property taxes. The property is still subject to multipliers and fluctuating tax rates throughout the freeze period.
This program is administered by the Illinois Historic Preservation Agency. For information on how to apply, please visit the Illinois Historic Preservation Agency website.