Tax Increment Financing in Illinois: Policy Implications for School Districts
Zalewski, Eugene H.
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https://hdl.handle.net/2142/71954
Description
Title
Tax Increment Financing in Illinois: Policy Implications for School Districts
Author(s)
Zalewski, Eugene H.
Issue Date
1993
Doctoral Committee Chair(s)
Ward, James G.
Department of Study
Education
Discipline
Education
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ed.D.
Degree Level
Dissertation
Keyword(s)
Education, Finance
Political Science, Public Administration
Abstract
The property tax is one source of revenue for local governments. In 1977, the Illinois legislature passed a law which sets up procedures whereby a municipality can declare certain areas within its boundaries as a Tax Increment Financing (TIF) district to promote redevelopment of the area. The area must meet certain characteristics of blight stated in the law. The result is that the assessed value of the property becomes frozen at the current level. As the property is developed, its assessed value increases. The property taxes generated as a result of the increase in assessed value above the frozen value, the increment, would ordinarily go to the various taxing districts. Now it goes to the municipality to retire the bonds which were issued to improve the site.
Some school districts have been able to obtain agreements with the municipalities for some relief. The purpose of this study was to trace how the various taxing bodies in the Village of Riveredge were able to work out an agreement whereby each of the taxing districts will be able to recapture every cent that would otherwise be lost by the establishment of a TIF. Research on the topic is very limited.
The researcher determined that the appropriate research method for this study was the single site case study method because of the unique circumstances in Riveredge. The researcher used multiple sources of interviews, examination of artifacts, and review of documents. The case narrative traces the persons, situations, and events from the inception of the redevelopment plan, through the meetings of the Joint Review Board, the meetings of the Boards of individual taxing bodies, and negotiation proceedings leading to an acceptable Intergovernmental Agreement. With this detailed narrative, the reader is able to conduct his or her own analysis, examine possible explanations, and determine applicability to other situations.
The author provides personal observations and reflections. The study concludes with a list of recommendations for possible changes in the TIF legislation and implications for future studies.
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