TIF Discussion

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iamjacobm
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TIF Discussion

Postby iamjacobm » Tue Oct 13, 2015 3:21 pm

Maybe Gov't isn't the best place for this not sure.

I am doing a project for a class and the property that I highlighted was one of the new row homes near Park Ave. Long story short as I am preparing the previous year's tax info I came to realize that since this was built with TIF that the land valuation of this home was a mere $2100 so last years tax levy was under $45. I am going to ask my teacher tonight if he knows about this, but does that mean Joe Homeowner that buys this place will get over a decade of that low property tax? I would assume so. It is just something that hadn't crossed my mind about transfer of ownership and TIF funding.

If that is indeed the case I am wondering why relator didn't market that as a perk. I mean a new homeowner will save thousands of dollars over the life of the TIF if they are paying under 50 bucks a year.

bigredmed
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Re: TIF Discussion

Postby bigredmed » Tue Oct 13, 2015 6:56 pm

When you buy a place, it often gets reappraised at a higher level.

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Garrett
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Re: TIF Discussion

Postby Garrett » Tue Oct 13, 2015 11:02 pm

The valuation will increase. TIF doesn't stop your property taxes from going up, it just makes your property tax increases go into the TIF funds.
From Omaha to Chicago
From Axel to Garrett

Still the same guy

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iamjacobm
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Re: TIF Discussion

Postby iamjacobm » Tue Oct 13, 2015 11:19 pm

Yeah what confused me when I posted this was I checked to compare with another TIF condo project at jLofts and the first couple reports were all the same incredibly low valuation.

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Coyote
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Re: TIF Discussion

Postby Coyote » Thu Mar 31, 2016 11:43 pm

I haven't thought this question through, but...
Given the speculation that First Data may be selling off one of their buildings (due to taxation rates?)...
Will this be the beginning of a TIF trend as some of these buildings come of age?
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