Draper and Kramer is taking the necessary steps to establish a Tax Freeze for residents of the Palmolive Building based on the structure’s historic nature. Amendments to the Illinois Revenue Code effective since January 1983 provide for a freeze of the assessed valuation of owner-occupied single-family residences that qualify as historic buildings and for which a Certificate of Rehabilitation has been issued by the Illinois Historic Preservation Agency (IHPA). Condominium residences are eligible for this program. Draper and Kramer has already been successful in placing the Palmolive Building on the National Register of Historic Places, the first of three steps or parts to obtain a Certificate of Rehabilitation. Once the remaining two parts have been completed, the State of Illinois will institute a tax savings plan for owners for up to 11 years.

To be eligible for the Tax Freeze on your Palmolive Building residence, your application must be submitted within two years of IHPA approval, and you must live in your condominium as your primary residence. Once a Certificate of Rehabilitation is issued, the property tax freeze is only applicable to the first owner to whom it is issued. Please proceed to the Description of Tax Freeze page to read more.