Tax Increment Finance (TIF) Districts
Tax Increment Financing (TIF) is a financial tool state lawmakers gave local governments to support and encourage economic development, redevelopment and improvement projects to a designated area of the community. A TIF District is created through a series of ordinances. A redevelopment plan for the TIF District is created which outlines the goals and redevelopment activities. A TIF District, once approved, will typically remain in effect for a maximum of 23 years. It is important to remember that TIF is not a new tax.
Information regarding Hanover Park’s TIF Districts
The Village of Hanover Park has created several TIF Districts. Two of the Five TIF Districts are now ‘retired’, and three are still active. Information on each district (including related documents) can be found by clicking the name of the TIF below.
If you would like to receive legal notices regarding the Village's TIF Districts, you may register for the TIF Interested Parties Registry here.