Thursday, August 2, 2018 || By Michael Romain || @maywoodnews
The 38 tax-increment financing districts in Proviso Township brought in roughly $21.5 million in revenue in 2017, according to the annual report on Chicago area TIF revenues released each year by Cook County Clerk David Orr’s office.
The 2017 haul is roughly on par with that of 2016, when Proviso’s taxing districts brought in $21.1 million in revenue. Last year, there were three TIF districts that were cancelled in Proviso Township — one each in Bellwood, Broadview and Forest Park.
Those three cancelled TIFs, all of them created in 1993, comprised 29 parcels and brought in around $1.2 million in revenue in 2016.
Some of that lost revenue was offset by the creation of two new TIFs in Proviso Township, both located in LaGrange Park, and the fact that most TIFs in the township experienced revenue bumps from 2016 to 2017.
Total TIF revenue for Cook County totaled around $1 billion in 2017, a nearly 20 percent increase over 2016, when total revenue was around $852,000. The total 2017 revenue of all 143 TIFs located in Chicago was around $660 million while the total revenue for the 304 TIFs in suburban Cook County was around $344 million.
TIF districts, according to Clerk Orr’s annual report, “allow the city to re-invest all new property tax dollars in the neighborhood from which they came for a 23-year period.”
“These ‘new’ revenues arise if new development takes place in the TIF district, or if the value of existing properties rises, resulting in higher tax bills. These funds can be spent on public works projects or given as subsidies to encourage private development. But TIFs can also make it easier for the city to acquire private property and demolish buildings to make way for new construction.”
In his report, Orr noted that the 18.4 percent total increase of all suburban TIFs in Cook County was driven largely by increased taxable values that resulted from a 5 percent increase in the state equalizer and reassessments in the southern suburbs.
Below are TIF breakdowns for Bellwood, Broadview, Maywood and Melrose Park. Data and charts by Cook County Clerk David Orr’s office. The full TIF report is below.