Why Buy Commercial Property in Jackson County?

Incentives to Purchase Commercial Property in Jackson County, Illinois

Jackson County, Illinois, offers a variety of incentives to attract businesses and investors to purchase commercial property. These incentives include Tax Increment Financing (TIF), Enterprise Zones, and Opportunity Zones, each designed to stimulate economic growth and development in the region.

Enterprise Zones

The Jackson County Enterprise Zone is a collaborative effort between the City of Murphysboro, the City of Carbondale, and Jackson County, authorized by the Illinois Department of Commerce and Economic Opportunity. Businesses that expand or locate within this zone can benefit from a range of financial incentives. These include property tax abatements on new improvements, sales tax deductions on building materials, and exemptions from certain state taxes. For example, property tax on real estate improvements that increase a property’s fair market value by more than $10,000 can be abated for up to ten years, depending on the number of jobs created.

Tax Increment Financing (TIF)

Tax Increment Financing (TIF) is a powerful tool used by local governments to encourage economic development and redevelopment in specific areas. In Jackson County, TIF districts are established to help finance public infrastructure improvements, such as roads, utilities, and public facilities, which in turn attract private investment.  When a TIF district is created, the property tax revenue generated from the increased property values (the increment) is used to fund these improvements. This mechanism allows for the revitalization of underdeveloped or blighted areas without raising taxes on existing properties.

Opportunity Zones

Opportunity Zones are a federal program designed to spur economic development and job creation in distressed communities. Jackson County has designated Opportunity Zones where investors can receive significant tax benefits. By investing in these zones, investors can defer capital gains taxes and potentially reduce the amount of taxes owed on those gains if the investment is held for a certain period. This program aims to attract long-term investments in low-income areas, promoting sustained economic growth and revitalization.

Conclusion

Jackson County, Illinois, offers a robust set of incentives for businesses and investors looking to purchase commercial property. The combination of TIF, Enterprise Zones, and Opportunity Zones provides a comprehensive framework to support economic development, making the county an attractive destination for commercial investment. 

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