| CITY HAD $1.71 BILLION IN PROPERTY TAXES IN TIF ACCOUNTS ON JANUARY 1, 2014
A review of the 2013 annual reports of the City’s 151 Tax Increment Financing Districts by volunteers with the TIF Illumination Project revealed some startling facts about local government finance:
- Total Property Tax Increment extraction for 2013 = $412,083,831 (a decrease from 2012 of $37.3 million or 8.3%) This is the amount of property taxes extracted by Chicago’s TIF districts and diverted from local units of government that rely on property taxes for their operation. 56% of Chicago property taxes are SUPPOSED to go to the Chicago Public Schools.
- 21 TIFs take at least 90% of ALL property taxes collected inside their borders.
- The Top Ten TIFs collected a total of $203.3 million in property taxes in 2013. These are the “champions†in terms of property tax extraction.  The Number One TIF = Near South, collected $61 million in 2013, representing 92% of total property taxes collected inside that district.
- Total Expenditures = $385,988,162 (an increase from 2012 of $83.2 million or 25%) This is how much all of Chicago’s TIF districts spent in 2013.
- Total Fund Balance = $1,708,029,756 (an increase of 1.7%) This is how much property taxes were left in all the TIF accounts on January 1, 2014.
- Total revenues transferred INTO TIFs = $136,567,807. This how much revenue was placed INTO TIF accounts from other TIFs.
- Total revenues transferred OUT of TIFs = $144,684,263 – leaving $8.1 million unaccounted for.
- The Top Ten TIFs in terms of fund balance were holding $627,404,228 in property taxes on January 1, 2014.
- Chicago’s 24 expired or repealed TIFs have collected $1.3 billion in property taxes, including a staggering $986,767,890 from the Central Loop TIF which expired in 2008.
- The Department of Planning and Development extracted $7,558,864 for staffing costs from 91 TIFs.
For more information: Tom Tresser, CivicLab, 312-804-3230, tom@civiclab.us
The most striking number was the finding that over $1.7 billion in property taxes was sitting in TIF accounts on January 1, 2014.
The Top Ten TIFs by property tax collection are:
| TIF |
Amount Collected |
| Near South |
$Â Â Â Â Â Â Â Â 60,967,751 |
| LaSalle/Central |
$Â Â Â Â Â Â Â Â 21,420,164 |
| Chicago/Kingsbury |
$Â Â Â Â Â Â Â Â 18,446,757 |
| Near North |
$Â Â Â Â Â Â Â Â 16,983,065 |
| Canal/Congress |
$Â Â Â Â Â Â Â Â 16,861,700 |
| Kinzie |
$Â Â Â Â Â Â Â Â 16,177,357 |
| Near South |
$Â Â Â Â Â Â Â Â 14,075,826 |
| River West |
$Â Â Â Â Â Â Â Â 13,938,535 |
| Central West |
$Â Â Â Â Â Â Â Â 12,948,017 |
| Midwest |
$Â Â Â Â Â Â Â Â 11,448,176 |
|
$Â Â Â Â Â Â 203,267,348 |
The Top Ten TIFs by fund balance are:
| Name |
Amount |
| Near South |
$Â Â Â Â Â Â 125,431,493 |
| Central West |
$Â Â Â Â Â Â Â Â 68,384,433 |
| Chicago/Central Park |
$Â Â Â Â Â Â Â Â 66,436,822 |
| Canal/Congress |
$Â Â Â Â Â Â Â Â 61,191,121 |
| Near North |
$Â Â Â Â Â Â Â Â 57,716,977 |
| River West |
$Â Â Â Â Â Â Â Â 50,523,063 |
| River South |
$Â Â Â Â Â Â Â Â 50,371,935 |
| Chicago/Kingsbury |
$Â Â Â Â Â Â Â Â 50,158,372 |
| Midwest |
$Â Â Â Â Â Â Â Â 49,077,482 |
| Kinzie |
$Â Â Â Â Â Â Â Â 48,112,530 |
|
$Â Â Â Â Â Â 627,404,228 |
The Top Ten TIFs by expenditures are:
| Name |
Amount |
| Near South |
$Â Â Â Â Â Â 100,535,651 |
| Near North |
$Â Â Â Â Â Â Â Â 15,084,259 |
| Chicago/Central Park |
$Â Â Â Â Â Â Â Â 13,722,741 |
| Kinzie |
$Â Â Â Â Â Â Â Â 13,114,168 |
| Michigan/Cermak |
$Â Â Â Â Â Â Â Â 11,256,253 |
| River South |
$Â Â Â Â Â Â Â Â 11,069,871 |
| Pilsen |
$Â Â Â Â Â Â Â Â 10,405,708 |
| Central West |
$Â Â Â Â Â Â Â Â 10,325,729 |
| Near West |
$Â Â Â Â Â Â Â Â 10,226,413 |
| LaSalle/Central |
$Â Â Â Â Â Â Â Â Â 9,078,946 |
|
$Â Â Â Â Â Â 204,819,739 |
These TIFs that collected NO property taxes in 2013 are:
| TIF Name |
|
| 51st/Lake Park |
|
| 67th/Wentworth |
|
| Avondale |
|
| Calumet |
|
| Chicago Lakeside |
|
| Greater Southwest West |
|
| Harlem |
|
| Harrison Central |
|
| Hollywood/Sheridan |
|
| Irving Park/Elston |
|
| Kennedy/Kimball |
|
| Kostner Avenue |
|
| Pershing/King |
|
| Pratt/ridge |
|
| West Pullman |
|
| 14% of all of Chicago’s TIF extract at least 90% of all the property taxes inside their borders. |
| TIF # |
TIF |
2012 Property Tax Increment |
2013 Property Tax Increment |
% TIF Take |
Mostly in Ward |
All in Ward |
| 008 |
95th/Stony Island |
$1,023,822 |
$1,028,295 |
100% |
8 |
|
| 119 |
Lakefront |
$235,102 |
$263,316 |
100% |
|
4 |
| 124 |
67th/Cicero |
$93,877 |
$407,606 |
100% |
|
13 |
| 126 |
Madden/Wells |
$938,665 |
$1,224,726 |
99% |
|
4 |
| 059 |
Calumet/Cermak |
$13,038,537 |
$4,504,076 |
98% |
|
2 |
| 122 |
Drexel |
$393,627 |
$319,404 |
98% |
|
4 |
| 067 |
Archer Courts |
$304,957 |
$377,836 |
98% |
|
25 |
| 002 |
41st/King |
$163,146 |
$156,175 |
95% |
|
3 |
| 100 |
Ohio/Wabash |
$1,234,257 |
$1,479,152 |
95% |
|
42 |
| 028 |
Lincoln/Belmont/Ashland |
$1,128,297 |
$1,029,317 |
95% |
|
44 |
| 068 |
Roosevelt/Union |
$4,370,035 |
$3,691,621 |
94% |
|
25 |
| 004 |
49th/St. Lawrence |
$457,115 |
$379,697 |
94% |
|
4 |
| 037 |
River South |
$13,981,111 |
$14,025,876 |
93% |
2 |
|
| 085 |
Western Avenue South |
$6,305,134 |
$5,386,700 |
93% |
47 |
|
| 010 |
126th/Torrence |
$668,885 |
$899,846 |
93% |
|
10 |
| 031 |
Near South |
$62,767,177 |
$60,967,751 |
92% |
2 |
|
| 138 |
69th/Ashland |
$520,497 |
$456,804 |
92% |
|
17 |
| 021 |
Englewood Mall |
$343,191 |
$239,594 |
92% |
|
16 |
| 044 |
Stockyards (closed) |
$2,125,499 |
$1,487,807 |
91% |
12 |
|
| 029 |
Michigan/Cermak |
$1,007,842 |
$1,275,832 |
91% |
2 |
|
| 063 |
Canal/Congress |
$18,858,179 |
$16,861,700 |
90% |
2 |
|
| 21 |
|
|
$116,463,131 |
|
|
|
| 14% of 151 |
|
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Hundreds of millions of property tax dollars continue to move around the city, from one TIF into another and sometimes to the city’s General Fund:
| Transfers In |
|
|
Transfers Out |
|
| 24th/Michigan |
$43,810,000 |
|
Near South |
$Â Â Â Â Â Â Â Â 36,500,000 |
| Near West |
$20,120,000 |
|
Near West |
$Â Â Â Â Â Â Â Â 11,698,551 |
| Central West |
$11,698,551 |
|
Lake/Calumet |
$Â Â Â Â Â Â Â Â Â 8,034,600 |
| North Pullman |
$8,100,000 |
|
River South |
$Â Â Â Â Â Â Â Â Â 7,115,000 |
| Chicago/Central Park |
$7,418,559 |
|
Calumet/Cermak |
$Â Â Â Â Â Â Â Â Â 6,000,000 |
| Michigan/Cermak |
$6,000,000 |
|
Canal/congress |
$Â Â Â Â Â Â Â Â Â 3,987,000 |
| 71st/Stony Island |
$4,914,483 |
|
Kinzie |
$Â Â Â Â Â Â Â Â Â 3,879,576 |
| Hollywood/Sheridan |
$3,997,000 |
|
Northwest |
$Â Â Â Â Â Â Â Â Â 3,729,571 |
| Madison/Austin |
$3,811,771 |
|
Midwest |
$Â Â Â Â Â Â Â Â Â 3,161,098 |
| Midwest |
$3,161,098 |
|
Clark/Ridge |
$Â Â Â Â Â Â Â Â Â 3,136,000 |
| Devon/Sheridan |
$3,136,000 |
|
Stony Island/Burnside |
$Â Â Â Â Â Â Â Â Â 2,912,685 |
| Ewing Avenue |
$2,734,600 |
|
Lawrence/Broadway |
$Â Â Â Â Â Â Â Â Â 2,872,000 |
| 51st/Archer |
$2,695,228 |
|
Woodlawn |
$Â Â Â Â Â Â Â Â Â 2,535,276 |
| Lawrence/Kedzie |
$2,500,000 |
|
Lawrence/Pulaski |
$Â Â Â Â Â Â Â Â Â 2,500,000 |
| Near North |
$2,500,000 |
|
North Branch South |
$Â Â Â Â Â Â Â Â Â 2,500,000 |
| Galewood/Armitage |
$2,247,003 |
|
Western/Rock Island |
$Â Â Â Â Â Â Â Â Â 2,120,000 |
| Western Avenue North |
$2,000,000 |
|
Central West |
$Â Â Â Â Â Â Â Â Â 2,120,000 |
| Western/Touhy |
$1,680,289 |
|
Clark/Montrose |
$Â Â Â Â Â Â Â Â Â 2,000,000 |
| West Woodlawn |
$1,250,000 |
|
Belmont/Central |
$Â Â Â Â Â Â Â Â Â 1,994,811 |
| 95th/Western |
$1,200,000 |
|
87th/Cottage Grove |
$Â Â Â Â Â Â Â Â Â 1,687,250 |
| 119th/I-57 |
$950,000 |
|
Devon/Western |
$Â Â Â Â Â Â Â Â Â 1,680,289 |
| Lincoln Avenue |
$749,998 |
|
63rd/Pulaski |
$Â Â Â Â Â Â Â Â Â 1,678,594 |
| Harrison Central |
$731,362 |
|
Addison North |
$Â Â Â Â Â Â Â Â Â 1,354,000 |
| Devon/Western |
$550,000 |
|
Roseland/Michigan |
$Â Â Â Â Â Â Â Â Â 1,300,000 |
| 63rd/Ashland |
$400,000 |
|
Bryn Mawr/Broadway |
$Â Â Â Â Â Â Â Â Â 1,125,000 |
| 105th/Vincennes |
$353,380 |
|
Midway |
$Â Â Â Â Â Â Â Â Â 1,016,634 |
| 67th/Cicero |
$350,000 |
|
Western Ave North |
$Â Â Â Â Â Â Â Â Â Â Â Â 749,998 |
| West Pullman |
$280,500 |
|
Roosevelt/Cicero |
$Â Â Â Â Â Â Â Â Â Â Â Â 731,362 |
| 47th/Ashland |
$218,729 |
|
Pulaski |
$Â Â Â Â Â Â Â Â Â Â Â Â 720,269 |
| Pershing/King |
|
