Tax Increment Financing
Illinois law allows units of local governments to designate areas within their jurisdiction as Tax Increment Financing (TIF) districts. These districts dedicate revenues generated within the TIF district for improvements within the district to encourage new economic development and job creation. A TIF district's revenues ("tax increment") come from the increased assessed value of property and improvements that occur within the district. Once a TIF district is established, the "base" assessed value is determined. As properties develop with TIF assistance, the equalized assessed valuation (EAV) of those properties increases. New property taxes resulting from the increased assessed valuation above the base value create an incremental increase in tax revenues generated within the TIF district. The "tax increment" created between the "base" and the new EAV is captured, deposited into a special city TIF account and used solely for economic development. Funds may be used for costs associated with the development or redevelopment of property within the TIF district, allowing blighted, declining, and underperforming areas to again become viable.
The Village of Hampshire currently has one Tax Increment Financing (TIF) district. The Village’s TIF district, named the Central Area Redevelopment Project, covers approximately 107 acres in the downtown area, as well as adjacent blocks. For those interested in applying for TIF funds, please view the Hampshire TIF Policies and Application.
TIF District Reports
| File Name | Details |
|---|---|
| TIF Report For Fiscal Year 2022 | Download |
| TIF Report For Fiscal Year 2021 | Download |
| TIF Report For Fiscal Year 2020 | Download |
| TIF Report For Fiscal Year 2019 | Download |
| TIF Report For Fiscal Year 2018 | Download |
| TIF Report For Fiscal Year 2017 | Download |
| TIF Report For Fiscal Year 2016 | Download |
| TIF Report For Fiscal Year 2015 | Download |
| TIF Report For Fiscal Year 2014 | Download |
| TIF Report For Fiscal Year 2013 | Download |
| TIF Report For Fiscal Year 2012 | Download |
| TIF Report For Fiscal Year 2011 | Download |
| TIF Report For Fiscal Year 2010 | Download |
| TIF Report For Fiscal Year 2009 | Download |
| TIF Report For Fiscal Year 2008 | Download |
| TIF Policies And Application | Download |