Tax Increment Reinvestment Zone (TIRZ)
What is TIRZ?
- A Tax Increment Reinvestment Zone (TIRZ) is a tool that local governments can use to publicly finance needed structural improvements and enhanced infrastructure within a defined area. These improvements usually are undertaken to promote the viability of existing businesses and to attract new commercial enterprises to the area.
Does a TIRZ increase taxes in the zone or outside of the zone?
- The TIRZ does not increase taxes, whether you are inside the zone or outside the zone.
How does a TIRZ work?
- The TIRZ uses the increased property tax valuations from new develdevelopmentsund specific projects within the TIRZ.
Who approves the zone?
- The City Council approves the area of the City that may be included in the TIRZ for commercial development and re-development. The approval process includes public notices and public meetings.
Supporting Materials:
Follow this link to view the TIRZ Presentation given at City Council on April 4, 2024.