TIF FAQs
What is Tax Increment Financing?
Tax Increment Financing, or TIF, is a tool state lawmakers gave local governments more than 20 years ago to help…
Why is there a need for Tax Increment Financing?
Tax Increment Financing has proven to be an enduring and widely used economic development tool nationwide. TIFs are more frequently…
What is a Tax Increment?
A tax increment is the difference between the amount of property tax revenue generated before TIF district designation and the…
How do TIFs improve communities?
TIFs create short and long term benefits for communities. TIF benefits include: No tax increases In TIF areas properties are…
Are TIFs widely used?
Yes. Tax Increment Financing Districts (TIFs) are used throughout the country in communities large and small, urban and rural. 47…
What kind of planning goes into the development of a TIF district?
A Redevelopment Plan is an assessment of an area in need of economic assistance. The Plan demonstrates why the area…
How is a TIF district created?
Illinois TIF law specifies a number of requirements that must be satisfied for an area to qualify as a TIF…
What major redevelopment costs are eligible for TIF funding?
TIF funds may be used for costs that will permit previously developed properties to compete with vacant land at the…