Demolishing the record set in each of the past two years, $1.22 billion poured into the city’s 129 TIF funds in 2021. That accounts for approximately 40% of the nearly $3.02 billion in property tax revenue banked by city officials.
The share of property taxes collected by the city and then claimed by Chicago’s tax increment finance districts grew 15.5% in 2021, fueled in part by the reassessment of the value of every property in Chicago, according to a report by Cook County Clerk Karen Yarbrough released Thursday.Demolishing the record set in each of the past two years, $1.22 billion poured into the city’s 129 TIF funds in 2021, according to the clerk’s report. That accounts for approximately 40% of the nearly $3.
In some parts of Chicago, including predominately Latino areas of the city, saw their property tax bills increase by as much as 46% after the reassessment, according to a report from Cook County Treasurer Maria Pappas. The growing share of city property taxes sent to TIF districts is sure to fuel the argument over whether the districts, which capture all growth in the property tax base in a designated area for 23 years, actually spur redevelopment and eradicate blight or serve to exacerbate growing inequality in Chicago.
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