Tax Increment Financing (TIF)
Currently the United City of Yorkville has three Tax Increment Financing (TIF) districts. The first TIF, known as Countryside Center is located on the northwest corner of US Route 34 and IL Route 47. The City's two remaining TIF districts are located in the downtown area. Please click on the links below for maps of the City's three TIF Districts.
Annual TIF ReportsAccess Annual TIF Reports for more detailed information.
Background & OverviewIn January 1977, Tax Increment Financing was made possible by the Illinois General Assembly through passage of the Tax Increment Allocation Redevelopment Act. The Act provides a means for municipalities, after the approval of a redevelopment plan and project, to redevelop blighted, conservation, or industrial park conservation areas and to finance redevelopment project costs (sometimes referred to as Project Costs or Redevelopment Project Costs) with incremental property tax revenues. "Incremental Property Tax" or "Incremental Property Taxes" are derived from the increase in the current equalized assessed evaluation (EAV) of real property within the Project Area over and above the "Certified Initial EAV" of the real property. Any increase in EAV is then multiplied by the current tax rate which results in Incremental Property Taxes. A decline in current EAV does not result in a negative Incremental Property Tax.
To finance project costs, a municipality may issue obligations secured by estimated Incremental Property Taxes to be generated within the Project Area. In addition, a municipality may pledge towards payment of such obligations any part or any combination of the following:
- Net revenues of all or part of any redevelopment project
- Taxes levied and collected on any or all property in the municipality
- The full faith and credit of the municipality
- A mortgage on part or all of the redevelopment project
- Any other taxes or anticipated receipts that the municipality may lawfully pledge