Landmark homes in Winnetka may lose tax benefits

If you own an historical home in Winnetkaand invest 25% of its fair market value to qualify it for ‘landmark’ status, you may be entitled to a tax break.  According to the ordinance, homes that are granted landmark status receive a property tax assessment freeze for eight years.  Thereafter, the property tax assessment is increased by increments over twelve years to reach its actual market price.

This could change as the trustees ofWinnetkacontemplate repealing the ordinance while citing financial reasons.  The trustees denied landmark status to one home as a possible telltale sign of the future changes.

For the full story read, “Trustees deny landmark application, hint at repealing ordinance.”