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TIF freezes the amount that the schools, city, parks, and county get to tax for 24 years in a designated district. As the property rises in value, the extra taxes paid by property owners go into TIF bank accounts, which the mayor is pretty much free to dip into as he sees fit.  But what happens if the value of property in a TIF district goes down?  They can change the tax code.

http://m.chicagoreader.com/chicago/tax-increment-financing-transparency-rahm-david-orr/Content?oid=14199766