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Latest blog post Thursday, June 14, 2018
Look up how much of your property taxes are going into a TIF district
by Steven Vance
Tax Increment Financing (TIF) districts are areas where property tax revenues above the amount collected when the district was established are diverted into separate funds that can only be used to pay for projects that fulfill goals outlined in a redevelopment plan.
They skim the property tax revenue from all property value increases in that district (that’s the “increment” in TIF). In Chicago they’ve been used to pay for new school construction, big box stores, affordable housing, and the Wintrust Arena. The funds have also been used to help small businesses to expand and hire more local workers as well as retrain workers. In local infrastructure, the funds have paid for road resurfacing, bike lanes, and Divvy stations.
When you look up a PIN on Chicago Cityscape, we’ll tell you if...
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