Chicago TIF revenue up 1%, down 3% in suburbs
Clerk Orr announcesTIF data will be on tax bills, new TIF video Orr urges city to declare TIF surplues
Cook County Clerk David Orr on Thursday released the 2012 TIF revenue report, which shows $723 million was collected in the 435 active tax increment financing (TIF) districts in Chicago and suburban Cook County.
Chicago will collect $457 million in TIF revenue for the 2012 tax year. Chicago’s 2012 TIF revenue represents an increase of $3.3 million or 0.74 percent over 2011. The slight growth follows two years of TIF revenue declines – an 11 percent drop in 2011 and a 2 percent dip in 2010. Since 1986, $5.5 billion has been collected from Chicago TIFs.
“The city is making some headway by cancelling nine TIF districts, not adding any to the books, and posting more TIF information online,” Orr said. “But there is a lot of room for improvement in accountability and equity, especially when so many taxpayer dollars are diverted into the Loop.” Please click here to read more, or here to read a related story in Gapers Block.