Tax Increment Financing (TIF) districts in Cook County will bring in nearly $1.2 billion for tax year 2018, according to a report Wednesday from Cook County Clerk Karen A. Yarbrough’s office. This is a 17.4 percent over last year. TIF revenue has increased 27.4 percent in the City of Chicago and decreased 1.6 percent in the suburbs compared last year. The Clerk’s full 2018 TIF Revenue Report shows Chicago TIFs will generate approximately $841 million in tax revenue from its 138 TIFs in the 2018 tax year. This is a $181 million increase over last year and includes nearly $116 million for the City’s “Transit TIF” located on the north side of the City. Last year, Chicago TIF revenue saw an increase of $99 million. The 303 suburban TIFs are expected to bring in $339 million, a $5 million decrease from last year. Clerk Yarbrough announced the findings of her report at a news conference.
“As a taxpayer and property owner, as well as an elected official who has to answer to the people of Cook County, I want to know where my tax dollars are going, if I live in a TIF District, and how this affects the distribution of tax revenue,” Clerk Yarbrough said. “I am committed to ensuring that all Cook County’s taxpayers, be they Chicago or suburban property owners, have the information and tools available to see where TIFs are and how much revenue they generate.” The City of Chicago was reassessed for tax year 2018, resulting in a 12.5 percent increase in total EAV. This EAV increase contributed to the 27.4 percent increase in the City’s TIF revenues. The highest performing TIFs in the City of Chicago this year are located primarily in or around the downtown area. However, the Pilsen TIF on the south side of the City increased 26 percent and has the 10th highest revenue this year. TIF revenue also increased for the Red Purple Modernization Phase 1 (RPM1) Transit TIF in the north side neighborhood of Lakeview, making it the largest TIF both geographically and financially this year. For more specific information on transit TIFs, see Transit TIF Fact Sheet, Chicago TIF Overview & Chicago TIF Summary
