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TIF FAQ's

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1. What is Tax Increment Financing?
2. What is a "Tax Increment"?
3. How do TIFs improve communities?
4. Does TIF divert money from schools?
5. How does TIF affect property owners or homeowners in or near the TIF District?
6. Does TIF result in increased tax rates?
7. Why is there a need for Tax Increment Financing?
8. How does Tax Increment Financing work?
9. How is a TIF created?
10. What kind of planning goes into the development of a TIF project area?
11. What major redevelopment costs are eligible for TIF funding? What kinds of projects are permitted under the State TIF Act?
12. What is the “but for” test?
13. What conditions must exist for an area to be designated for TIF?
14. What are the opportunities for public input?
15. Who controls TIF funds?
16. Does TIF require the issuance of debt?
17. Can TIFs be changed?
18. Who monitors the TIF process?
19. When does a TIF terminate?
20. What communities in Illinois use TIF?