• overview
• rehab overview
• amenities
• tax freeze

The Seasons at Madison Park is located in a historic landmark district. Property owners of rehabilitated buildings located in such districts are eligible for state and federal tax benefits provided the buildings are renovated according to standards set by the Secretary of the Interior that ensure the preservation of important historical features.

The developer of The Seasons at Madison Park is preserving the facades of the building, the lobby and front stairs, as well certain interior features of the units in accordance with these standards and has received affirmation from the Illinois Historic Preservation Agency that the project meets the program guidelines of the Property Tax Assessment Freeze Program.

The developer has assumed all costs in carrying out the preservation with all the tax benefits going to the unit owners. Highlights of these benefits include:

• Property taxes will be frozen for eight years at the 2007 levels.
• Since the 2007 taxes are based on the low pre-conversion levels unit owners will save around $5000 in the first year of ownership compared to what the taxes would be without the tax freeze.
• The tax savings will increase every year as taxes for the units remain constant while property taxes grow.
• The tax savings over the life of the tax freeze are estimated at $75,000.
• Substantially lower taxes allow buyers to purchase a larger, more expensive residence than they would otherwise be able to afford.
• Certainty and peace of mind that the cost of home ownership will not be affected by rising property taxes.

Once the preservation is completed and final approval obtained from the Illinois Historic Preservation Agency, individual unit owners will need to complete a tax freeze application after closing on their units. The application as well as assistance in completing the process will be provided by the developer.