What is Tax Increment Financing (TIF)?

Tax Increment Financing (TIF) is an economic development mechanism generally used to finance public infrastructure improvements.  TIFs may be created by a township, municipality or county.  Tax dollars from the increased, or new, improvement value are directed towards a separate fund, most often used to finance the construction of public infrastructure defined within the TIF legislation.

How does being part of a TIF district impact my value?

Valuation methods utilized for land and improvements within a TIF district are the same as those of the same property class that are not part of a TIF district.

How does being part of a TIF district impact my taxes?

Valuation between TIFs and non-TIFs is identical, so consequently two parcels in the same taxing district and of the same value will have the same effective tax rate, despite one being a TIF and the other not.  The TIF simply redirects the destination that the collected tax dollars go.

How should I interpret my property record showing two parcel numbers?

Generally, the parcel numbers are identical, save the last character, with one ending with a “T” and the other a “.”.  The parcel ending in “T” is used to capture the value attributed to the TIF district.  The value of both parcels must be summed to achieve the full appraised value.

Where can I see I am receiving the homestead exemption and/or owner occupancy credit? 

The Owner Occupancy and Homestead Exemption credit can be seen on the Assessment Tab under the detail of the Tax Increment Finance Section.