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What are TIFs?
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What are TIFs?
• Created by municipality (state
statute)
• Boundaries cross political and
community boundaries
• Designed to subsidize some
business project in “blighted” or
under-served area
• Captures “incremental” property
taxes ABOVE base when district
was created
• Lasts 23 years
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How Do TIFs Work?When the TIF is created,
the city tallies up all the
property taxes
generated by district in
that year (called the
"base" amount). After
that, all property tax
increases above the
base (the "increment")
are channeled to the TIF
district.
The property taxes
collected from
properties inside the
district BEFORE the
district was created
that go to units of
government stays
FLAT for the life of the
TIF (23 years).
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Money From TIFs Taken From?
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What are TIFs?
Under state law, areas proposed for TIF designation
must possess numerous blighting factors to be
eligible:
• Age
• Obsolescence
• Code violations
• Excessive vacancies
• Overcrowding of facilities
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TIFs Used to support commercial projects in these “Blighted” Areas
40 S. Halsted
Apple Store
9Better Government Association
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Mr. TIF
To sum up:
TIFs = property taxes
Increment $ collected by TIF
Run by city
Lasts 23 years
Blight & “But for” conditions
Hard to track
BIG deal in Chicago & Illinois
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What are TIFs doing to us?
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That’s all we’re going to show you for free…
The TIF Illumination Project is an all-volunteer effort of the CivicLab
but we have serious monthly expenses and we’d love to raise funds to
put all our data online.
You can get the full presentation with all the particulars of the 25th
Ward online at The TIF Data Store @ http://www.tifreports.com/store.
You can make a tax-deductible investment in our work via our fiscal
agent the Investigative News Network by clicking over to PayPal @
http://tinyurl.com/SupportTheLab-INN.
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www.civiclab.us
www.tifreports.com
