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Tax Increment <br />Tax Increment Financing (TIF): The ability to capture <br />and use most of the increased local property tax <br />revenues from new development within a defined <br />geographic area for a defined period of time without <br />approval of the other taxing jurisdictions. <br />Minnesota Statutes <br />469.174 to 1799 <br />City approves TIF <br />Redevelop Blighted/Obsolete Buildings <br />Affordable Housing <br />Job & Tax Base Creation <br />Tax Abatement <br />Tax Abatement: The ability of one or more taxing <br />IIjurisdictions to capture and use all or a portion of <br />their share of local property tax revenues within a <br />defined geographic area. It is a rebate rather than an <br />exemption from paying taxes. <br />Minnesota Statutes <br />469.1812 to 1816 <br />O Cities <br />O Counties Any one jurisdiction or <br />4 Schools any combination <br />a Towns <br />Redevelop Blighted/Obsolete Buildings <br />Affordable Housing <br />Market Rate Housing <br />Job & Tax Base Creation <br />Retail, Commercial and Office <br />Tests for blight and coverage, income limits, and type No inspections or coverage requirements; no income <br />of businesses assisted Limited by MN Statutes limits; no use restrictions <br />TIF district must be in a project area, which 4 Parcels with taxes being abated must be <br />sets boundaries for TIF expenditures; Project identified. <br />Area may contain multiple TIF districts <br />TIF district defines parcels for capture of <br />value <br />Captures only the increase in value <br />Flexible structure <br />May capture existing values requirements <br />