Could the money spent on improvements in the Villages Tax Increment Financing (TIF) districts be used to fund services instead and help reduce the deficit?
No. TIF laws require that any money collected in the TIF district be used to improve the district and it can not be used to provide local government services. 8) Why can’t the Village hold off on the decision to levy a property tax? In order for money to be collected and disbursed to the Village in November or December of 2010 the tax levy needs to be filed by December 27, 2009. Based on current estimates the Village’s General fund cash reserves will be exhausted sometime in the fall of 2010. If money is not received from the property tax vital services like fire, police and public works will be cut dramatically.
Related Questions
- Could the money spent on improvements in the Villages Tax Increment Financing (TIF) districts be used to fund services instead and help reduce the deficit?
- Does the Tax Increment Financing (TIF) being used by the village and township to fund their portions of the arts center cost New Albany taxpayers?
- How Is Tax Increment Financing Used?
