Orr Urges Emanuel, City Council To Declare TIF Surplus For CPS Schools (VIDEO)
County Clerk David Orr released the 2012 tax increment financing (TIF)
revenue report Thursday, which showed that the 435
active TIF districts in Chicago and Cook County pulled in $723 million
in property tax revenue last year.
Chicago stands to collect $457
million in TIF revenue for the 2012 tax year, which is $3.3 million more
than in 2011, according to Orr's office.
“How do we explain to school kids that gym, music and art classes are
cancelled while profitable businesses are tapping into the city's tax
base?” Orr said in a statement today. “TIFs may have helped make downtown Chicago beautiful,
but not enough is being done with TIF funds in the neighborhoods where
they are needed most.”
See Orr's full announcement of the report below, courtesy of CAN TV:
TIF data will be added to Cook County property tax bills starting with
the 2013 second installment bill, according to Orr, which will be mailed in summer 2014.
Currently, property tax bills for those living inside a TIF district do not show how many tax dollars are being sent to the district.
Check back with Progress Illinois for an in-depth look at the 2012 TIF report.