Incremental Property Tax
In a TIF district, incremental property tax, that is tax above a designated threshold, goes entirely to the municipality. This increment is dedicated to the payment of redevelopment costs. In short, anticipated increase in real estate tax revenues from property development and improvement are used to finance the improvements themselves. At the end of the TIF district's 23-year life, all real estate tax revenues, including increments generated, are again shared proportionately by the taxing bodies based on their individual tax rates.
Applying for TIF District Financing
To begin the process of making application for TIF district financing, a property owner or prospective property owner should request a TIF Application Checklist and Project Application/Project Description from the Village of Wheeling Economic Development Department.
Completion of this form will help the owner/applicant develop a pro forma indicating all costs associated with the proposed development, as well as anticipated revenues derived from operation of the proposed development.
Village of Wheeling staff is available to meet with applicants during the application process to discuss the appropriateness of the scope of the proposed schematic development with regard to zoning, other Village legislation and application details.
Once the Project Application is finalized, the Village can better ascertain the degree of incentive suitable to the proposed development.
Obtaining the Forms
To receive the TIF Application Checklist and Project Application/Project Description, please email the Department of Economic Development or call 847-459-2605.
More Information
For more information about Tax Increment financing, visit the Illinois Tax Increment Association website and their page specifically about TIF.