Tax Increment Finance (TIF)

What is TIF?

Tax Increment Financing (TIF) has proven to be one of the most effective economic development tools available to Illinois municipalities for financing development and redevelopment. With this tool, municipalities can make the improvements they need, like new roads or new sewers, and provide incentives to attract businesses or to help existing businesses expand without tapping into general funds or raising taxes.

When a TIF area (often called a TIF District) is created, the value of the property area at that time is established as the “base” amount. Property taxes are still paid to the various tax bodies using the base amount, the amount is reduced only if the base declines or the tax rate decreases. It is the growth in the value of the property over the base that generates the tax increment. This increment is collected into a special fund (the Special Tax Increment Allocation Fund) for use by the municipality to make additional investments in the TIF project area. 

After the redevelopment has occurred and the TIF District ends (usually after 23 years, the maximum allowed by Illinois law absent an extension), all of the taxing bodies benefit from the new growth and the new tax rate.

TIF Policy

 

Brookfield TIF Districts

There are 4 TIF districts in Brookfield: 8 corners, Downtown/ Grand Boulevard, Ogden Avenue, and Congress Park. 

8 Corners

 

Downtown/ Grand Boulevard

 

Ogden Avenue

 

Congress Park

 

TIF Programs

Businesses located in TIF districts are eligible for select funding opportunities. 

 

TIF Reports

8 Corners TIF 2020 State Report

Congress Park TIF 2020 State Report

Grand Boulevard TIF 2020 State Report

Ogden Avenue TIF 2020 State Report