The Enterprise Zone is an important economic development tool. The Peoria Enterprise Zone provides a number of incentives. Some types of development can receive property tax abatement, and sales tax for building material can be waived.
Q. Are all properties in the Enterprise Zone eligible for property tax abatement?
A.No.Only non-residential properties falling within the following North American Industry Classification System (NAICS) Codes are eligible for property tax abatement:
Manufacturing 311 Food and Kindred Products 313 Textile Mill Products 315 Apparel and Other Textile Products 321 Lumber and Wood Products 337 Furniture and Fixtures 322 Paper and Allied Products 323 Printing and Publishing 325 Chemicals and Allied Products 324 Petroleum and Coal Products 326 Rubber and Miscellaneous Plastics
Products 316 Leather and Leather Products 327 Stone, Clay and Glass Products 331 Primary Metal Industries 332 Fabricated Metal products 333 Machinery, Except Electrical 335 Electric and Electronic Equipment 336 Transportation Equipment 334 Instruments and Related Products 339 Miscellaneous Manufacturing Industries
Transportation and Public Utilities 484 Trucking and Warehousing 483 Water Transportation 481 Transportation by Air 492 Communication
Finance, Insurance, and Real Estate 521 Banking 522 Credit Agencies Other Than Banks 523 Security, Commodity Brokers and Services 524 Insurance Carriers 524 Insurance Agents, Brokers & Services Real Estate 525 Combined Real Estate, Insurance, Etc. 551 Holding and Other Investment Offices
Professional, Scientific and Technical Services 54
Healthcare and Social Assistance 62 (see note below for exception)
Services 721 Hotels and Other Lodging Places 541 Business Services
Social Services 62431 Job Training and Vocational Rehabilitation Services 62441 Child Day Care Services
Engineering, Accounting, Research, Management and Related Services 541 Engineering, Architectural and Surveying Services 54172 Research, Development and Testing Services
Mixed use development (no NAICS Code) **
Note: #62 only eligible within the boundaries of Renaissance Park. For more information on the boundaries of Renaissance Park call the Department of Economic Development at (309) 494-8640
Call the Department of Economic Development at (309) 494-8640 for information on the Enterprise Zone.