Evanston’s Joint Review Board will meet to discuss the creation of a tax increment financing district in the 5th Ward next Monday a change that would divert future property tax revenue increases toward development.
In tax increment financing districts, or TIF districts, property tax revenues above a certain baseline are reallocated for public works or economic development improvements in the area. When a TIF district is installed, the existing tax rate becomes the baseline. Property tax revenue above this rate is reserved for development projects.
“Taxes are frozen for the city and the schools at today’s tax rate,” said former 7th Ward aldermanic candidate Mary Rosinski.