WMOK – Metropolis, IL – Mayor Jeffords explains TIF and how they can benefit the City of Metropolis.
What IS a TIF?
A TIF, or Tax Increment Financing area, is a designated zone in which property taxes generated from the increased value of the properties within that area are used to finance public infrastructure improvements and development projects.
When a TIF district is established, the original property tax revenue is locked in, and any increase in tax revenue from the growth in property values is redirected to fund projects that aim to stimulate further economic development in that area.
This financing tool helps encourage investment and revitalization in targeted locations without raising taxes for existing residents.
How many TIF districts do we have in Metropolis?
There are currently a total of six. The original TIF district in Metropolis was used in the area of Harrah’s Casino.
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