Comments on: TIF – The Hidden Tax http://www.schaumburgfreedom.com/taxes/tif-hidden-tax/ Transparent Governance, Lower Taxes, and Eliminating Corporate Welfare in the Village of Schaumburg. Tue, 29 Nov 2011 23:46:04 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Brian Costin http://www.schaumburgfreedom.com/taxes/tif-hidden-tax/comment-page-1/#comment-1545 Brian Costin Fri, 08 May 2009 21:01:05 +0000 http://www.schaumburgfreedom.com/?p=1782#comment-1545 The Village Board of Schaumburg has stated that this is not a property tax increase, despite the $120 Million dollar price tag. Let's assume this is true for a moment. So then where does the money come from? Taxes described on the property tax bill as being directed to the Schools, Parks, and Library are diverted into the TIF district without disclosure. This $120 Million in property taxes will come out of the proceeds from the District 211, District 54, Harper, Schaumburg Park District, Library and other taxing bodies. There is no debating that. This will result in $120 Million in new property taxes being assessed, $120 Million being diverted from the other taxing bodies, or a combination of both. If you want to claim that the taxing bodies don't lose the money then the only possible way for the TIF district to collect the $120 million is ithrough increased property taxes. You can't have it both ways. The Village Board of Schaumburg has stated that this is not a property tax increase, despite the $120 Million dollar price tag. Let’s assume this is true for a moment. So then where does the money come from? Taxes described on the property tax bill as being directed to the Schools, Parks, and Library are diverted into the TIF district without disclosure.

This $120 Million in property taxes will come out of the proceeds from the District 211, District 54, Harper, Schaumburg Park District, Library and other taxing bodies. There is no debating that.

This will result in $120 Million in new property taxes being assessed, $120 Million being diverted from the other taxing bodies, or a combination of both. If you want to claim that the taxing bodies don’t lose the money then the only possible way for the TIF district to collect the $120 million is ithrough increased property taxes. You can’t have it both ways.

]]> By: LV http://www.schaumburgfreedom.com/taxes/tif-hidden-tax/comment-page-1/#comment-1240 LV Fri, 01 May 2009 18:55:53 +0000 http://www.schaumburgfreedom.com/?p=1782#comment-1240 A "loss" assumes that it was once achieved. You can't claim that a taxing body "loses" tax revenue that it had never received. That's like saying that I thought about going to McDonald's for dinner, but decided to stay home instead, so McDonald's "lost" $6 in revenue. A “loss” assumes that it was once achieved. You can’t claim that a taxing body “loses” tax revenue that it had never received. That’s like saying that I thought about going to McDonald’s for dinner, but decided to stay home instead, so McDonald’s “lost” $6 in revenue.

]]>