The new year has begun, which means the recently released 2020 tax rates and assessed value information is now available for your community to use as it begins to plan how it will use TIF funds in 2020 and beyond.
To maximize the use of TIF funds, it is important to know exactly where your community stands. Establishing a baseline for evaluation and completing a comprehensive analysis of each TIF area is a best practice for assessing how to move forward. Here’s what you need to account for in your analyses:
Establish a baseline
Comprehensive analysis of each TIF area
Part 2 of this article will provide additional information about TIF area details that should be considered in your annual analysis.
If you have any question or if we can be of any assistance in helping you evaluate and plan for the use of your community’s TIF funds, please contact us.