Financial IncentivesBelvidere-Boone County Enterprise Zone
- View a Map of the Belvidere Boone County Enterprise Zone
- Download the Belvidere-Boone County Enterprise Zone Program Book
- Download Enterprise Zone Application
- Download Enterprise Zone Financial Incentives Sample Worksheet to Estimate Savings
- Read More about Enterprise Zone Assumptions
For more information, visit http://www.commerce.state.il.us/dceo/.
Belvidere-Boone County Enterprise Zone
The Belvidere-Boone County Enterprise Zone is one of ninety-three Illinois enterprise zones designated by the State of Illinois in cooperation with one or more local governments to receive various tax incentives and other benefits to stimulate economic activity and neighborhood revitalization. The Belvidere-Boone County Enterprise Zone of 6.7 square miles was certified by the State of Illinois on July 1, 1985. The Belvidere-Boone County Enterprise Zone is now set to expire on June 30, 2015.
The Belvidere-Boone County Enterprise Zone offers a variety of local and state incentives to assist in the attraction and retention of commercial and industrial businesses. The primary local incentive offered in the Belvidere-Boone County Enterprise Zone is property tax abatements on improvements to commercial and industrial properties (i.e. increase in the equalized assessed value of the property). Property tax abatements are abated on improvements to commercial and industrial properties in increments of:
80% the first year
60% the second year
40% the third year
20% the fourth year
Over four years, the average property tax abatement is approximately 50%.
These abatements have been authorized by Belvidere Community Unit School District #100, City of Belvidere, Boone County, Belvidere and Bonus Townships and Belvidere Township Park District. The zone has benefited a diversified group of over 175 local and national industries and businesses.