A Tax Increment Financing (TIF) district uses property and/or sales tax revenues in a designated redevelopment area to enable private development to occur. The property tax revenue attributable to an increase in the value of the property in this district above the base established when the district was created (the tax increment) goes into a special allocation fund. This fund is used to pay for redevelopment costs. The property tax revenue that is attributable to the value of the property in this district prior to the creation of the TIF, continues to go to the taxing bodies (school districts, city, county, community colleges, park districts, etc) just as if the TIF had not been created.
Currently, LaSalle has several TIF Districts in place: TIF I , TIF II, TIF III, TIF IV, the Water Park TIF, and the Industrial TIF. |
