What is a Tax Increment Financing District?

Tax Increment Financing (TIF) is authorized by the Illinois General Assembly as a means for municipalities, after the approval of a redevelopment plan and project, to redevelop blighted, conservation, or industrial park conservation areas and to finance eligible redevelopment project costs with incremental property tax revenues.

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1. What is a Tax Increment Financing District?
2. What is a "tax increment"?
3. Does TIF result in increased tax rates?
4. What is the “but for” test?
5. How is a TIF district created?
6. What costs are eligible for TIF funding?
7. Who monitors the TIF process?
8. How long is the area designated as a TIF district?
9. Does TIF divert money from schools?
10. What happened during Geneva’s previous TIF district?