Chicago TIFs Took $519 Million in 2009
In 2009 there were 422 TIF districts in Cook County – 158 in the city of Chicago and 264 in the suburbs. They diverted a total of $839 million in county property taxes! $519 million was taken in city property taxes and $320 million in suburban property taxes.
In 2008 the total Cook County TIF revenue was $875 million. Of that total, $496 million was pulled out of Chicago’s property tax collections. There were a staggering 420 TIF districts county-wide. Some 161 were in Chicago!
In 2007 total Cook County TIF revenue was $892 million! The City of Chicago threw off $555.3 million in TIF funds and the suburbs generated $336.8 million from TIF funds. TIFs have syphoned off $3.061 billion in property taxes from Chicago’s operating budget since 1986. Where has that money gone?