What is a TIF District?

A Tax Increment Financing District (TIF) is an area identified by the Village that is in need of redevelopment due to declining conditions and tax base.

Incremental increases to property taxes from within the district are reinvested in that area in an effort to stimulate improvements.

The goal is to provide a temporary financial stimulus to the redevelopment area that otherwise would not occur.

The planned redevelopment may be in effect for 23 years but can be retired sooner.

Show All Answers

1. What is a TIF District?
2. Why do we need a TIF?
3. What does a TIF district do?
4. What doesn't a TIF district do?
5. How big is the TIF district?