Your property tax bill would include information about TIF districts if a new bill passes in the General Assembly.
TIF stands for tax increment financing, which is used by municipalities to fund development by borrowing against future increases in property tax revenue. It’s a common practice that’s not easily understood, which is why State Rep. Jack Franks (D-Marengo) is sponsoring legislation to include information on local TIF districts on your real estate tax bill.
“They’re not going to be surprised as much as mad,” Franks said. “What you’re going to see is basically, these TIFs can be used as a private slush fund for elected officials to use it any way they want for their own pet projects, and in many instances, it runs in the hundreds of millions of dollars.”
Franks says compiling a list of TIF districts in any area is “almost impossible” for most taxpayers. While the bill only requires information to be provided, he expects the reaction will lead to some sort of larger reform effort.