Definitions:
TIF = Tax Increment Financing - The economic development program that helps promote local tax base expansion by using property tax revenue to fund site improvements within a specified area. Which is a mechanism for capturing the future tax benefits of real estate improvements, in order to pay for the present cost of those improvements.
TID = Tax Increment District - The actual physical area designated for potential development projects.
Click here for an informational Slideshow
Click the link below to watch Village Administrator Kreklow's informational TIF/TID presentation (from 3/17/24 Village Board Meeting):