TAX INCREMENT FINANCING FOR BUSINESSES Tax increment financing (TIF) diverts a portion of business taxes to help finance development in an area or project site. TIF typically helps to pay for infrastructure improvements near a new development. Helping You Understand Tif Funds Core Bank’s team of friendly professionals is committed to helping you understand tax increment financing and providing the guidance your business needs to utilize TIF funds. HOW TAX INCREMENT FINANCING WORKS If you own a business located in a TIF district and the area redevelops, the property values rise. Rather than collecting the increased taxes from TIF district properties, the city splits the property tax revenues into two streams. The first stream is tax revenue set at the original amount of the property value before redevelopment, known as the “base rate.” This stream continues to go where it did before, which is typically a city’s general fund that pays for local services such as police and fire departments. The second stream contains the additional tax money generated by the higher property value, or the “tax increment.” This stream is kept separate and used to pay for the redevelopment. TIFs are typically targeted at areas with declining property values, new public improvements, and developer subsidies to help attract new businesses. Tax Increment Financing FAQs HOW DOES A TIF DISTRICT WORK? HOW LONG DOES A TIF DISTRICT LAST? CONTACT CORE BANK Get in touch with our team to learn more about tax increment financing and how we can help you! We’re here to answer your questions. CONTACT US LATEST FROM THE BLOG CORE BANK BREAKS GROUND ON NEW SARPY COUNTY LOCATION We are pleased to announce that work has begun on our new full-service banking and mortgage center located at 114th and Highway 370 in Papillion, NE, slated to open summer 2022. John Sorrell, President and CEO says, “We have a true commitment to the Sarpy County... PROTECT YOUR BANK ACCOUNT IN 4 EASY STEPS Managing your bank account from your mobile phone or computer is easy and convenient, which is why according to Statista, 1.9 billion people now use some form of online banking system. With online and mobile banking, you can access your balances at any time, deposit... APPROVED TO OFFER SBA LOAN PRODUCTS UNDER SBA’S APPROVED LENDER PROGRAM. Twitter Facebook Instagram LinkedIn Google Plus © 2021 Core Bank. All Rights Reserved. NMLS# 401393 ATM Locator Privacy Disclosure Security Statement Cybersecurity US Patriot Act Sitemap