Download - TIFs of the 33rd Ward - 2015
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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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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
TIF $
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If you would like the full presentation with the
particulars of the 33rd Ward TIFs, please visit our TIF
Data Store @ http://www.tifreports.com/store.
All our presentations are available
there for $2.50 each.
The TIF Illumination Project is an all-volunteer effort but we have some
serious monthly expenses to meet. Please support our work!
Make a tax-deductible investment in the CivicLab via our fiscal agent The
Investigative News Network @ http://tinyurl.com/SupportTheLab-INN.