TAX INCREMENT FINANCING (TIF)
Tax Increment Financing (TIF) is a type of municipal financing that governments use to help off-set the cost of qualifying improvements necessary to create new development, redevelopment, or public assistance housing. The financing of the qualifying improvements is paid from the increased property taxes generated from new development, redevelopment, or housing development that would not have occurred without such assistance. The Tax Increment is the difference between the existing property tax amount and the future taxable amount at completion of the construction. This amount is reimbursed to the property owner, minus a small administrative fee.
Eligibility: Land aquisition, site work, administrative costs, city assessments, etc.
Timeline: An application for TIF must be filed and approved before any building permits for the specific property have been requested from the local government entity (City, County, or Township).
Eligibility: Land aquisition, site work, administrative costs, city assessments, etc.
Timeline: An application for TIF must be filed and approved before any building permits for the specific property have been requested from the local government entity (City, County, or Township).