Thursday, August 16, 2007

TIF districts and your property taxes

TIF districts have gotten a fair amount of exposure with the Harrison Square debacle.

Check out this JG piece:
<http://www.journalgazette.net/apps/pbcs.dll/article?AID=/20070814/NEWS07/708140311&SearchID=73290452151312>

Per that piece:

Statewide 4.2% of the states gross assessed value is either under tax abatement or in TIF districts.

On another note 6.3% of assessed value is exempted from property taxes due to being owned by churches, non-profits, or the government itself.

That is a lot of property that has been removed from the proerpty tax rolls...

Please do not listen to the plethora of elected officials in Fort Wayne who claim that this does NOT raise you property taxes; because, they are wrong. It is common sense that if a large amount of proerpty is not paying property taxes towards the schools, libraries, etc...

Mike Sylvester

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