The Homewood Village Board approved the class 8 incentive for the property owned by Beverly Spearman of The Spearman Firm, LLC at the Aug. 12 meeting.
a Class 8 property tax relief designation. She plans to renovate the
building at 17911 Harwood Ave. (Eric Crump/H-F Chronicle)
The two-story, 1,853-square-foot property located at 17911 Harwood Ave. previously was owned by Real Dobrez LLC, which left in 2018. The building has been vacant since then, according to Angela Mesaros, Homewood director of economic and community development.
Spearman intends to use the space as an office for her law firm, and she proposes several improvements. Spearman plans to invest $50,000 for new flooring and replacing the doors and windows in addition to other upgrades. The board approved an incentive agreement of $21,990 to fund the improvements at the June 24 meeting, Mesaros said.
The Class 8 designation from Cook County will lower the property’s tax assessment to 10% for the next decade with the option to renew. This will promote development, expansion and employment opportunities, Mesaros said.
“The Cook County tax system has placed a heavy tax burden on commercial properties that must compete with the lower tax rates in adjacent counties and in Indiana, where the property tax rate is as much as 45% less,” Mesaros wrote.
There are five Cook County townships that the program identifies to have automatic approval for the program, including Thornton Township, where this property is located, she said.
The real estate property taxes were $9,986.58 in 2023 and $8,450.61 in 2024. The Class 8 will save the owner approximately 60% annually, Mesaros said.
In other business, the board agreed to a continuation of the public hearing for the Harwood Transit Oriented Development Tax Increment Financing District to Feb. 10, 2026.
