TIFs Take 34% Of ALL City property Taxes!
In 2011 Chicago’s 163 TIFs extracted $454 million from city tax payers. In addition, the city received $879.6 million from property taxes. So the total amount of property taxes collected by the city was $1.33 billion.
TIFs took 34% of that total.
So that means that all units of local government had a smaller pool of taxes to collect from, squeezing their allotments. Who is hurt the most?