Introduction to Tax Increment Finance (TIF) Districts
Tax Increment Financing (TIF) is a financial tool state lawmakers gave local governments to support and encourage economic development, redevelopment and improvement projects to a designated area of the community.
A TIF District is created through a series of ordinances. A redevelopment plan for the TIF District is created which outlines the goals and redevelopment activities. A TIF District, once approved, will typically remain in effect for a maximum of 23 years. It is important to remember that TIF is not a new tax. Find more general information explaining TIF Districts (PDF).
Information Regarding Hanover Park’s Tif Districts
The Village of Hanover Park has created several TIF Districts. Two of the Five TIF Districts are now ‘retired’, and three are still active as shown in the TIF map (PDF). This map shows previous and current TIF Districts in Hanover Park.