Tax Increment Funding( TIF) was put in place to reform the Chicago-land area. The general public can question if Tax Increment Funding is actually beneficial or a financial burden; due to the fact, we are lacking public receipt and reformation reports.The reformation of Chicago was put on the shoulders of homeowners in the form of tax dollars.
TIF’s mission is to expand and repair Chicago in multiple ways but is failing to meet obligations of the correction to the pollution of land, vacant land, and remodeling of roads. Yet the majority of tax dollars have been implemented into Chicago school system. TIF was a great plan for the rebirth of Chicago, but there are no records to prove the system is beneficial.
As a whole the public is not aware of the specific duty of tax dollars but only being aware of location. Not only is TIF lacking public receipts of specific purpose, but does not support the proof of being evenly distributed publicly or privately. Sadly, TIF distributors or officials fail to inform the public with what percentage of tax dollars is withdrawn from homeowners, and the underlying purpose is not being for filled.
To Close, TIF (Tax Increment Funding) was created and implemented into Chicago to help improve and create a greater wealth for the public and a private aspects in Chicago visually and on paper, but is this what is really going on?