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Real Estate - 144

TIF

QuestionAnswer
TIF - tax incremental finance a public financing method which is used for redevelopment and community improvement projects- with federal and state sources for redevelopment generally less available, TIF has become an often-used financing mechanism for municipalities
if remedial action cannot start without government usually local governments like cities have to respond-does state law require "but for" determination?
where does the money come from to find a city's assistance project usually bonds,borrowings or directly from city reserve funds
the KEY to TIF through TIF, the city, which pays to enhance taxable property reaps the rewards from the property taxes on that real estate, until it recovers its cash
Madison TIF district - Allied Drive proposal 1.the district has to be approved by the tax-receiving districts 2. a base assessment (pre-TIF enhancement) is calculated
guts of TIF 1.city borrows funds to use to enhance the property 2.all tax-receiving governments share in the proprty taxes on the base assessment - the unenhanced property value
TIF payouts 1.city gets 100% of the property tax on the "increment" until it is paid back for its investment 2. once the city recoups the funds, all the tzx-receiving governments begin to share in the property taxes from the complete, enhaned real estate value
increment the extra assessed value that arises from remediation or development
uses of TIF in Wisconsin 1.industrial development 2. rehabilitation 17% 3.revitalization/blight elimination 49% 4.environmental remediation 3%
TIF in Chicago revenue totals - 2001 were $159 million - 2006 were $500 million
criticisms of TIF - wikipedia Although TIF is a mechanism for local govs that does not directly rely on fed funds, many question whether TIF actually serve resident populations. As investment in an area increases,not uncommon for realestate values to rise and gentrification to occur.
gentrification The process in which a neighborhood is transformed from low-value to high-value properties.
Created by: rainesv
 

 



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