Tax Increment Financing
Illinois law allows units of local governments to designate areas within their jurisdiction as Tax Increment Financing (TIF) districts. These districts dedicate revenues generated within the TIF district for improvements within the district to encourage new economic development and job creation. A TIF district's revenues ("tax increment") come from the increased assessed value of property and improvements that occur within the district. Once a TIF district is established, the "base" assessed value is determined. As properties develop with TIF assistance, the equalized assessed valuation (EAV) of those properties increases. New property taxes resulting from the increased assessed valuation above the base value create an incremental increase in tax revenues generated within the TIF district. The "tax increment" created between the "base" and the new EAV is captured, deposited into a special city TIF account and used solely for economic development. Funds may be used for costs associated with the development or redevelopment of property within the TIF district, allowing blighted, declining, and underperforming areas to again become viable.
The Village of Hampshire currently has one Tax Increment Financing (TIF) district. The Village’s TIF district, named the Central Area Redevelopment Project, covers approximately 107 acres in the downtown area, as well as adjacent blocks. For those interested in applying for TIF funds, please view the Hampshire TIF Policies and Application.
TIF District Reports
TIF Report for Fiscal Year 2022
TIF Report for Fiscal Year 2021
TIF Report for Fiscal Year 2020
TIF Report for Fiscal Year 2019
TIF Report for Fiscal Year 2018
TIF Report for Fiscal Year 2017
TIF Report for Fiscal Year 2016
TIF Report for Fiscal Year 2015
TIF Report for Fiscal Year 2014
TIF Report for Fiscal Year 2013
TIF Report for Fiscal Year 2012
TIF Report for Fiscal Year 2011
TIF Report for Fiscal Year 2010
TIF Report for Fiscal Year 2009
TIF Report for Fiscal Year 2008