Politics
Share of Chicago Property Tax Revenues Claimed by TIF Funds Grew 16.6% in 2024: Report
(WTTW News)
The share of property taxes collected by Cook County and then claimed by Chicago’s tax increment finance districts soared by 16.6% in 2024, fueled in part by the reassessment of the value of every property in Chicago, according to a report by Cook County Clerk Monica Gordon.
In all, $1.59 billion poured into the city’s 108 TIF funds in 2024, according to the annual report from the clerk’s office posted online Wednesday.
That accounts for approximately 45% of the more than $3.5 billion in property tax revenue banked by Chicago officials, according to data compiled by the clerk’s office.
During the past five years, $6.5 billion from property taxes has been claimed by TIF districts, an increase of more than 51%, according to a WTTW News analysis.
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.
Ten TIF districts each collected more than $35 million in 2024 for a total of approximately $982 million, according to the report. Two of those districts were created to rebuild the CTA’s Red and Purple train line on the city’s North Side and to extend the train line south to the city’s border at 130th Street.
The burst of additional TIF revenue allowed Mayor Brandon Johnson to declare $1 billion million in TIF funds to be in surplus — sending $550 million to the Chicago Public Schools and the rest to the city and other taxing districts.
Contact Heather Cherone: @HeatherCherone | (773) 569-1863 | [email protected]
