Difference between revisions of "Tax Increment Financing"

From FreedomKentucky
Jump to: navigation, search
Line 1: Line 1:
'''Tax Increment Financing''', abbreviated as [[TIF]], is a method used by local governments to finance the redeveloping of blighted areas.  Tax Increment Financing allows for redevelopment to be funded by the future gains of the area being restored.  The redevelopment in the area helps to increase the real-estate value of an area and generate new interest in turn creating taxable property. <ref> [http://en.wikipedia.org/wiki/Tax_increment_financing Wikipedia: Tax Increment Financing] </ref>
+
'''Tax Increment Financing''', abbreviated as [[TIF]], is a method used by local governments to finance the redeveloping of blighted areas.  Tax Increment Financing allows for redevelopment to be funded by the future gains of the area being restored.  The redevelopment helps to increase the real-estate value of an area and generate new interest in turn creating taxable property. <ref> [http://en.wikipedia.org/wiki/Tax_increment_financing Wikipedia: Tax Increment Financing] </ref>
  
 
==TIF in Kentucky==
 
==TIF in Kentucky==

Revision as of 11:58, 20 June 2008

Tax Increment Financing, abbreviated as TIF, is a method used by local governments to finance the redeveloping of blighted areas. Tax Increment Financing allows for redevelopment to be funded by the future gains of the area being restored. The redevelopment helps to increase the real-estate value of an area and generate new interest in turn creating taxable property. [1]

TIF in Kentucky

House Bill 549 was introduced by the Kentucky General Assembly in 2007. The city and/or county government is responsible for establishing the areas for development which qualify for TIF. According to House Bill 549, the TIF area may not exceed three square miles and the value of its property may not exceed 20 percent of the total value of taxable property in the jurisdiction establishing the TIF area. [2]


References

  1. Wikipedia: Tax Increment Financing
  2. Kentucky Finance Cabinet