Proposed Forsyth Tax Increment Financing District

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FORSYTH, Ill. (WAND) - The Village of Forsyth has proposed to establish a Tax Increment Financing District or TIF, set to start at the beginning of the new year.  

In order to stimulate commercial and residential development within the village, the board proposed the TIF. 

The Village intends to use the Forsyth TIF District to redevelop property that is currently underutilized for commercial space, tourism, and residential development to increase the population, improve employment opportunities, expand and diversify the local real estate tax base, manage growth and increase the overall quality of life for its residents. 

TIF does not raise the property tax and it is not a new tax or new taxing district. Instead, it's an increased assessment or an overall increase in tax tare can raise taxes. TIF is used to reallocate increased property tax revenues created by increased assessed valuation. The TIF District may last for up to 23 years. It will continue to pay for the basic public services the proposed redevelopment areas already receive. 

Areas in Central Illinois that have TIF Districts are Springfield, Sullivan, Bethany and Mt. Zion. In 2015, there were 1,238 TIF Districts in the state of Illinois. 

 

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