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Chicago will collect $461 million in Tax Increment Financing revenue in the 2015 tax year, an increase of nearly $89 million over last year, an examination from Cook County Clerk David Orr found. But Orr, in a familiar refrain, noted transparency is still lacking on how revenues from the city’s 146 TIF districts are spent.
“At what point can a taxpayer easily get to the specifics of how certain projects are chosen?” Orr asked in a statement, calling for “a real debate during the budget approval process” over how funds are allocated. He attributes the bounce in TIF revenue to the city’s property tax hikes and increased assessments.
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