4.5% of Cook County property taxes in suburbs go to TIF districts

 
Daily Herald report
Updated 8/9/2020 5:33 PM

Tax increment financing (TIF) districts in Cook County will bring in more than $1.3 billion for tax year 2019, according to a report from Cook County Clerk Karen Yarbrough's office. That's an 11.5% increase overall and an increase of 26% in the north and northwest suburbs, which were reassessed.

In a TIF district, increased taxes because of redevelopment go into a special fund for up to 23 years. In the suburbs, 4.5% of all tax revenue collected went to TIF districts, meaning it was spent on development projects rather than going to parks, schools and other taxing bodies, according to the clerk's office. About 23% of all suburban property tax revenue came from properties in 308 TIF districts, according to the report.

                                                                                                                                                                                                                       
 

The report is available at cookcountyclerk.com.

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