The Problem Although tax increment financing (TIF) has been around for over thirty years, many people do not understand how it works, how it affects their communities or their pocketbooks. Most people have no idea a significant portion of their property taxes are flowing into the hands of real-estate developers instead of their schools, public...

by Kate Piercy Because of “improper spending and oversight of TIFs,” Inspector General Joe Ferguson has concluded the City of Chicago lost Chicago taxpayers “$1.2 million in funds generated by the now-defunct Central Loop tax-increment-financing district — and spent $329,000 for ineligible art work,” according to a Sun-Times report. Ferguson audited of “more than four years worth...