Tax Increment Financing (TIF) is a statutory Economic Development Program that municipalities can enact to facilitate the continued development or redevelopment of a specific geographic area. The program works by capturing increases in property tax revenues (called the increment) over existing levels caused by new development. TIF revenues can be spent only on certain public realm investments. A TIF District does not add any new tax rates or levies. Existing baseline tax revenues continue to go to the taxing districts.
The Village of Wauconda’s Tax Increment Financing District (TIF) is in place and ready for developers to bring appropriate development projects forward. For further information about development, please contact Director Greg Anderson at 847-526-9605 or by email.