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We hear and read quite a bit about TIFs in the news lately, but ever wonder just what a TIF is? The acronym stands for Tax Increment Financing and it refers to a way for a city to generate money for economic development in a specific geographic area. TIFs TIF funds can be spent on public works projects, subsidies for private development, and to buy private property and demolish buildings to make way for new construction. Community participation in the distribution of TIF funds can help improve parks, schools and infrastructure, put vacant land to good use, create jobs and meet other needs in the local TIF district. In reality, a TIF is a hidden property tax increase for everyone not involved with developing the TIF district. Where are the TIF districts in my community?Maps provided by Cook County Clerk David Orr identify TIFs throughout the county, and we're highlighting TIF maps here which include or impact the 10th District:
TIF Property SearchEnter your Property Index Number (PIN - found on your property tax bill) in this handy search to see if your property is in an area that contains a TIF for the 2008 tax year and, if it is, how tax revenue is being distributed. Additional TIF Information
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presume new tax revenues will arise from development in the TIF-designated district, from new properties and rising adjacent property values which result in higher tax bills. The city is allowed to re-invest those "new" tax dollars for a 23-year period.
