WHAT IS A TAX INCREMENT FINANCE DISTRICT?
A TIF is a special tax district used to promote commercial and industrial development
WHAT DOES A TIF DO?
A TIF provides financing for Public improvements (sewer, water, roads, etc.) using new tax revenue created by new, expanded, or renovated commercial property in a TIF district, which is defined by the community. A TIF district can be undeveloped land, a Main Street district, the whole downtown, a few parcels-whatever the communities chooses.
HOW DOES A TIF WORK?
After defining the TIF district, the current assessed values and taxes are set as a baseline. Any increase in property values within the district (through new construction, expansion, or renovation) will result in an “incremental” increase in taxes above the baseline. All or part of this increase is used to pay for infrastructure improvement (sewer, water, roads, etc.)within the district.
FOR MORE INFORMATION
Please call the city of Bonne Terre at 573-358-2254