What is a Tax Increment Financing (TIF) District?

A TIF is a successful economic development tool used by many municipalities across Illinois. The purpose of a TIF is to promote redevelopment that would not otherwise take place. When a TIF is established, the “equalized assessed value” (EAV) of all the properties within the TIF District is frozen throughout the TIF’s duration, which is typically 23 years. Property taxes going to the municipality and other taxing bodies are then based on this frozen EAV. Any additional property taxes generated by an increase in the EAV over time (the increment) will go into a TIF fund, which the municipality can use to incentivize new development and construct public structures and amenities.  

When a TIF expires, all of the properties within the TIF go back on the tax rolls at their full assessed value, which means taxing bodies benefit from the new revenue they now receive thanks to the TIF-related development. 

Show All Answers

1. What is a Tax Increment Financing (TIF) District?
2. What will the new TIF be used for?
3. What are the key benefits of the TIF for Winfield?
4. Will my property taxes go up because of the TIF?
5. Who supports the TIF?
6. Why do some people oppose the TIF?
7. How can I be sure this financing tool will work out for Winfield?
8. How will the TIF benefit the two local school districts?
9. What is the role of Central DuPage Hospital (CDH) in the TIF?
10. What is happening to the first Winfield TIF?
11. What are the next steps for the approval of TIF #2?