EAV Fluctuation has little effect on property taxes under Tax Caps

Most people in Rockford and around the state believe that when property values increase in a taxing district due to a real estate market turnaround, Tax Increment Finance (TIF) districts expiring or new construction, the tax base increases and the net result will be lower property taxes in that district. It doesn’t work that way under current Illinois property tax laws. Taxes do not decrease simply because the Equalized Assessed Valuation (EAV) increases in a given tax district since Winnebago County is subject to the Illinois Property Tax...

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Inserting taxpayers back into Rockford TIF approval process

To reiterate my previous post, unelected officials, who represent each affected taxing district on a Joint Review Board, during the initial phases of the Rockford Tax Increment Finance approval process, typically do not inform their district’s elected officials of the scheduled state mandated JRB meetings and then fail to attend the meetings themselves. Taxpayers are thus provided little or no representation at the JRB meetings, despite the fact that TIF approval affects area property taxes for 23 years. The tax revenue diverted from the...

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TIF approval removes taxpayers from portion of process

About 18 months ago, I posted concerning the Joint Review Board (JRB), consisting of non-elected representatives from specified local taxing districts, convened by the city to determine if newly proposed Rockford Tax Increment Finance (TIF) districts meet the eligibility requirements of municipal state code. The board consists of 9 members, one selected from each – Community College, school district, park district, library district, township, fire protection district, the county, the municipality requesting the TIF, all of which have...

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A compromise for “blighted” TIF districts

There is a possible compromise to resolve the “questionable blighted areas” issue with the state’s Tax Increment Finance Act stating that the Joint Review Board must determine “if not but for the TIF,” economic development would not have occurred. TIF districts need to allow the economic development to apply to all taxing bodies and be transparent to all, so that taxpayers, who ultimately foot the bill in some way for these developments, receive some of the benefits in property tax relief. The TIF and Enterprise...

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Miracle Mile II TIF and effects on property taxes – Part 2

Since the city’s economic development tool – the Tax Increment Finance district – is for blighted areas, I drove west on State Street from Mulford to Alpine, pulling into parking lots, writing down the names of businesses in the proposed TIF area to observe, as reported in the Rockford Register Star article, if good things are really happening in this area without any new TIF funding. The TIF district actually begins just east of Mulford and includes Chase Bank and Rasmussen College, and the Shogun restraurant, across from...

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Taxing districts are no-shows at TIF Review Board, where votes could affect our property taxes

What if they held a mandatory Joint Review Board meeting of all taxing bodies to discuss the newly proposed Rockford Tax Increment Finance district and nobody came? Well, that’s exactly what happened. The proposed “blighted” TIF covers the area along East State Street bounded primarily by Alpine on the east and Mulford on the west, properties on both sides of East State on the south and extending roughly along the northern borders of the OSF Saint Anthony Medical Center Campus and the Rockford College Campus on the north, all...

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