A Tax Increment Financing district, also called a TIF district, is a set geographical location where property tax increments are used to fund projects in the area. A tax increment is the difference between the amount of property tax revenue generated before TIF district designation and the amount of property tax revenue generated after TIF designation. TIF districts do not increase taxes. Tax rates do not change when a TIF district is created because only the increase in property tax revenue, which comes from the growth of value of TIF district properties, are used for TIF projects. TIF districts are a great tool for local governments to attract new business, invest in infrastructure, and rebuild blighted areas in the community.
For more information on TIF districts here in Mundelein, please take advantage of the information provided below, or contact the Village’s Economic Development Team at (847)949-3282.