Friday, August 21, 2009
Tax Increment Financing is controversial. But there is no question that it is an effective way to build tax base and jobs. The Southtown TIF is the oldest TIF in the City of Peoria and one of the oldest in Illinois. The graph and chart show that the value of real estate within the TIF grew much faster then the City and District 150. In 2013, the TIF will be completed, and the tax revenues will go to all the local goverments.
The graph and chart below show how effectively the two new Tax Increment Financing Districts (TIF's) have worked. Despite "The Great Recession of 2007-2009", Equalized Assessed Evaluation (EAV) has grown very rapidly in the TIF's, faster then the City as a whole and faster then School District 150. 150 lags the City because it's boundary misses the rapidly developing north side of the City.
We believe these numbers support the continued use of Tax Increment Financing. We want our older neighborhoods to thrive and improve, and TIF is one of the best ways to help that process.