| | Warrenville, IL :: TIF Information |
 | | Tax Increment Financing (TIF) is a local economic development tool, created by the state, giving municipalities the authority to designate areas of the community as TIF Districts for the purpose of eradicating deteriorated conditions and to undertake redevelopment, rehabilitation, and conservation measures within the district. |
 | | Once the TIF district is adopted, the assessed value of all of the property within the TIF District is established or “frozen” at the same level for the life of the TIF District for all overlapping districts, including the applicable city property tax levies. |
 | | The main revenue source for the standard TIF district is the property “tax increment”, which is the difference between the frozen property assessments from the start of the TIF, and the increased value of the assessments during each successive year of the TIF. |
| www.warrenville.il.us /b_bus-dev_tif-info.aspx (1390 words) |