What are TIF areas and how do they affect tax flow to District 129?
Tax Increment Financing is a tool used by local governments to revitalize underdeveloped areas without raising taxes or using general funds needed for police, fire protection and public works. The revitalization effort is funded from the growth in property tax revenues—the “tax increment” within the redevelopment district. The tax increment (difference between the property tax revenue generated before and after TIF designation) is used to improve infrastructure, attract viable businesses and private investment, and thereby convert a deteriorating area into a safe, attractive and economically thriving area. Property tax revenue to District 129 and other local taxing bodies remains at the base level for the entire length of the TIF. When the TIF project is complete, the developed land increases the tax base for all of the taxing bodies within the area.
Tax Increment Financing is a tool used by local governments to revitalize underdeveloped areas without raising taxes or using general funds needed for police, fire protection and public works. The revitalization effort is funded from the growth in property tax revenuesthe tax increment within the redevelopment district. The tax increment (difference between the property tax revenue generated before and after TIF designation) is used to improve infrastructure, attract viable businesses and private investment, and thereby convert a deteriorating area into a safe, attractive and economically thriving area. Property tax revenue to District 129 and other local taxing bodies remains at the base level for the entire length of the TIF. When the TIF project is complete, the developed land increases the tax base for all of the taxing bodies within the area.
Tax Increment Financing is a tool used by local governments to revitalize underdeveloped areas without raising taxes or using general funds needed for police, fire protection and public works. The revitalization effort is funded from the growth in property tax revenues-the “tax increment” within the redevelopment district. The tax increment (difference between the property tax revenue generated before and after TIF designation) is used to improve infrastructure, attract viable businesses and private investment, and thereby convert a deteriorating area into a safe, attractive and economically thriving area. Property tax revenue to District 129 and other local taxing bodies remains at the base level for the entire length of the TIF. When the TIF project is complete, the developed land increases the tax base for all of the taxing bodies within the area.
