- On August 21, 2023, the Village Board approved the establishment of the Buffalo Grove Dundee Road TIF District. The Village Board Agenda can be found here.
- BG has a Lake Cook TIF District created in July 2020.
Dundee Road TIF District (Est 2023)
- To help spur private development, the Village is exploring a Tax Increment Financing (TIF) District along the Dundee Road.
- A TIF is a commonly used economic development tool, which helps municipalities make needed improvements (roads and sewers) or helps attract private development.
- TIF generates a pool of money used for reinvestment within the TIF area. When a TIF district is created, the property values of the parcels within the district are set at a base equalized assessed value (EAV). Taxing bodies (Village, county, township, school districts, etc) continue to collect property taxes based upon the base EAV. Any increase in the EAV generates the TIF increment, which is then available for projects within the TIF district.
- TIF is not a new tax. Property owners within the district continue to pay their normal property taxes. At the end of the TIF district's 23-year life, all real estate tax revenues are again shared proportionately by the taxing bodies based on their individual tax rates.
- Read more with this Resource Guide to TIF.