Tuesday, July 30, 2019; 6:00p.m. - Taxing Body Officials Hearing
Thursday, August 29, 2019, 6:00p.m. - Public Hearing
Both hearings will be held at the Carlock Library Meeting Room.
What is a TIF District?
- A TIF district essentially reallocates funds from property taxes to encourage investment within the district. An important thing for property owners within the TIF to understand is that their property tax rates do not automatically go up with the creation of a TIF.
- The assessed value of the properties within the TIF district at its establishment becomes the base assessed value. The property taxes collected on that base assessed value get apportioned to the taxing bodies as normal throughout the term of the TIF.
- During the term of the TIF District, taxes collected on any improvement in assessed value above the baseline value are captured entirely by the Village of Carlock.
- After the term of the TIF, taxes on the entire assessed value get apportioned to the taxing bodies as before the TIF was established.
- The tax rates themselves do not change as a result of the TIF. Property tax rates will only increase if a taxing body decides to raise their rates.
- TIF dollars collected must be used within the TIF district . . for infrastructure, improvements, incentives for building and improvements, business development, etc.
- The collection of TIF monies helps keep the village from raising the village property tax rate, and frees up the general budget funds for needs throughout the rest of the village.
- In order for areas to be included in a TIF District, criteria must be met that demonstrate the areas are blighted or growth is stagnate. TIF District areas must be contiguous.
Board of Trustees Meeting:
Tuesday, August 27, 2019;
7:00p.m. @ The Carlock Library;