Bill > SB1644

This bill amends the Property Tax Code to enhance transparency in tax billing by requiring additional information about Tax Increment Financing (TIF) districts. Specifically, when a property is located within a TIF district, the tax bill must now include a new statement that shows how much money each taxing district (such as schools, municipalities, or counties) would have received in property taxes for that year if the TIF district did not exist. TIF is a financial tool used by local governments to promote economic development by redirecting future property tax revenue increases from a designated area back into infrastructure or improvement projects within that same area. The bill aims to provide taxpayers with more detailed information about how TIF districts impact their local tax revenues, helping them better understand the financial implications of these economic development strategies. The changes will be effective immediately, ensuring that future tax bills include this new, more comprehensive information about TIF district impacts.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1644&GAID=18&DocTypeID=SB&SessionID=114&GA=104