ST. LIBORY (AP) — The small village of St. Libory in southern Illinois is returning a quarter of the property taxes collected from new homeowners.
The Belleville News-Democrat reports (http://bit.ly/10FMbFw) that the village is giving back the tax money in an effort to draw young families into its school district. The refund is good for homes built in a certain tax increment finance district and is good for up to eight years. Homeowners apply to receive the refund.
The village has hired an Edwardsville firm called Moran Economic Development to help it boost growth. About 615 people live in St. Libory, which is about 20 miles southeast of Belleville.
Thomas Henderson is with the Illinois Tax Increment Association in Springfield. He says the village's incentives aren't common.