McHenry County Taxes & Incentives
Municipal Taxes/Incentives
Façade Improvement Loans
Check with the individual communities and the Economic Development Chairman.
TIF Districts:
Tax increment financing freezes the property-tax money that local government bodies would receive from property for up to 23 years. Tax revenue on increases in property values over that time are put into a special fund that pays for the infrastructure improvements to the district, which typically is an underdeveloped or blighted area.
| The following communities currently have TIF Districts or the ability to create them: |
Algonquin
Cary
Crystal Lake
Fox River Grove
Harvard |
Huntley
Lakemoor
Lake in the Hills
Lakemoor
Lakewood |
Marengo
McHenry
Richmond
Spring Grove
Woodstock |
Regional Taxes/Incentives
Upper Illinois River Valley Development Authority
The Upper Illinois River Valley Development Authority is a general development agency serving the Counties of Bureau, Grundy, Kane, Kendall, LaSalle, Marshall, McHenry and Putnam. UIRVDA can issue bonds that can finance capital improvements and can reduce the rate of interest.
Please visit their web site for more detailed information: http://www.uirvda.com/
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