Tax Increment Financing & Abatement

Presbyterian homes constructionTax Increment Financing (TIF) & Abatement

Tax increment financing (TIF) is a tool authorized by the state legislature to promote economic development.TIF allows a portion of the property taxes generated by new development to be used to fund the costs of infrastructure required by the new development.Abatement is a similar tool in which only a City's portion of the property taxes are used for infrastructure costs.

The City's Business Subsidy Policy (PDF) outlines the criteria that the City Council considers in an application (PDF) for TIF or abatement assistance for new development.