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FY 2019
ANNUAL TAX INCREMENT FINANCE
REPORTAGE OF ILLINOIS
COMPTROLLER
SUSANA A. MENDOZAVillage of Downers GroveCounty:_D_u _Pa
_ ..._g___
e
Fiscal Year End:Unit Code:022/042/32First Name:
Address:
Telephone:
Emailrequired2019Reporting
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How to fill out annua tax increment finance
How to fill out annua tax increment finance
01
Gather all necessary financial information such as property values, tax rates, and project costs.
02
Determine the base year values for all properties within the TIF district.
03
Calculate the incremental tax revenue by subtracting the base year values from the current values.
04
Allocate the incremental revenue to fund the TIF district's redevelopment projects.
05
Monitor and report on the TIF district's financial performance annually.
Who needs annua tax increment finance?
01
Local governments looking to fund redevelopment projects in blighted areas.
02
Developers seeking financial assistance for projects that would otherwise be economically infeasible.
03
Community organizations advocating for improvement in underdeveloped neighborhoods.
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What is annua tax increment finance?
Annual tax increment finance is a financing tool used to fund infrastructure and community improvements in a designated area.
Who is required to file annua tax increment finance?
Property owners and developers within a tax increment financing district are required to file annual tax increment finance.
How to fill out annua tax increment finance?
To fill out annual tax increment finance, property owners and developers must report financial information and project updates within the designated area.
What is the purpose of annua tax increment finance?
The purpose of annual tax increment finance is to capture the increased property tax revenue generated from improvements in the designated area to fund further development.
What information must be reported on annua tax increment finance?
Information such as project updates, financial reports, and progress towards development goals must be reported on annual tax increment finance.
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