Economic Development Success Driven

Tax Increment Financing Districts

Tax Increment Financing (TIF) enables local economic development officials to collect the property tax revenue attribut­able to increased assessed value resulting from new investments within a designated area (TIF district). Once a TIF district is established the property tax revenue attributable to new assessed value within a the district accrues to the redevelopment district rather than the traditional taxing units (schools, civil city, township, county etc).The new revenue can be used to pay for infrastructure or other improvements within the designated area. Typically, TIF revenue is used to retire debt incurred to fund infrastructure or other improvements.  An economic development area requires the finding of significant economic benefit, jobs and private invest­ment, for the community.