When does a TIF terminate?

Illinois TIF law allows a TIF district to exist for a maximum of 23 years. Any TIF district may be terminated earlier if all financial obligations are paid-off and the municipal board votes to terminate the district. 

If no redevelopment project has been initiated within a TIF district within seven years following district designation, the municipality must repeal the TIF. Upon termination of the TIF district, the full tax base, including the increment which had been used to pay for improvements, becomes available to all taxing bodies for their use throughout the future. 

Since 1977, when Tax Increment Financing was enacted, about 30 TIF districts have been voluntarily terminated by their municipal sponsors. The average duration of these TIFs was about 6.5 years.

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1. What is Tax Increment Financing?
2. What is a "Tax Increment"?
3. How do TIFs improve communities?
4. Are TIFs widely used?
5. What communities in Illinois us TIF?
6. How long has TIF been around?
7. Why is there a need for Tax Increment Financing?
8. Does TIF divert money from schools?
9. What kinds of TIFs are there?
10. How is a TIF created?
11. What kind of planning goes into the development of a TIF project area?
12. What conditions must exist for an area to be designated for TIF?
13. What are the opportunities for public input?
14. Who controls TIF funds?
15. Can TIFs be changed?
16. Who monitors the TIF process?
17. When does a TIF terminate?