Tax Increment Financing (TIF) is a financial and economic development tool that is used to assist a municipality in the redevelopment of a specific area that is blighted or showing signs of becoming blighted. Tax increment is defined as the difference between the amount of property tax revenue generated before the TIF district designation, and the amount of property tax revenue generated after TIF designation. A TIF redevelopment project increases development and redevelopment in that area. For instance, when the TIF project ends, — Illinois law allows a TIF project to exist for a period of up to 23 years, unless extended by a municipality — all of the taxing bodies benefit from the new growth. Only property taxes generated by the incremental increase in value of a TIF district, are available for TIF eligible projects. Tax rates do not change when a TIF is created. TIF districts do not increase taxes.