Tax Increment Financing in Illinois: Policy Implications for School Districts

The property tax is one source of revenue for local governments. In 1977, the Illinois legislature passed a law which sets up procedures whereby a municipality can declare certain areas within its boundaries as a Tax Increment Financing (TIF) district to promote redevelopment of the area. The area must meet certain characteristics of blight stated in the law. The result is that the assessed value of the property becomes frozen at the current level. As the property is developed, its assessed value increases. The property taxes generated as a result of the increase in assessed value above the frozen value, the increment, would ordinarily go to the various taxing districts. Now it goes to the municipality to retire the bonds which were issued to improve the site.

Name thesis:degree_name

Ed.D.

Level thesis:degree_level

Dissertation

Discipline thesis:degree_discipline

Education

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2014

Author dc:creator

• Zalewski, Eugene H.

Contributors dc:contributor

• Ward, James G.

• Education, Finance
• Political Science, Public Administration

Identifier

(UMI)AAI9329209

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/71954