Tax Increment Financing (TIF)

Tax Increment Financing (TIF) is a tool cities use to help improve areas deemed blighted and deteriorating. Here's how it works:

The city designates a specific area, called a TIF district, where they want to encourage development.
The Township Assessor sets a baseline value for the properties in that area, which is called the Equalized Assessed Value (EAV).
Property taxes collected from the properties in the TIF district before it's designated still go to the school district and other taxing bodies, just like normal.
When the TIF district is established, any increase in property tax revenue above the baseline value (the increment) is earmarked for redevelopment improvements to property or city-funded projects to support revitalization.

The Joint Review Board's general purpose is to review the financial activity of the City of Peoria's designated TIF Districts.
For more information, visit the Joint Review Board webpage.
Medina Plains JRB Meeting Agenda
Peoria JRB Meeting Agenda