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9/12/2013 <br />\A/hat is TIF9 <br />Tax Increment Financing (TIF): <br />The ability to capture and use most of the <br />increased local property tax revenues from <br />new development within a defined geographic <br />area for a defined period of time without <br />approval of the other taxing jurisdictions. <br />{ <br />EHLERS <br />Property Tax Basic Terms <br />• Market Value <br />✓ Assessor assigns value on January 2nd of any given year, <br />used for the following year's taxes <br />• Tax Capacity <br />✓ Based upon class rates or "capacity to pay" <br />✓ Commercial/Industrial <br />• Anything over $150,000 at 2% <br />✓ Owner Occupied Housing <br />• 1st $500,000 at 1 % <br />• Anything over $500,000 at 1.25% <br />✓ Rental Housing (more than 1 unit) <br />• 1.25% <br />• .75% for affordable housing <br />EHLERS <br />2 <br />