TIF Bonds
TIF Bonds are special obligations of the City secured by the incremental increase in property taxes resulting from the proposed improvement. The City utilizes this financing option by designating within its borders a TIF district. The base property valuation (assessable base) is then established and certified, and the property taxes from that assessable base continue to be collected and used for general governmental purposes. As the assessed valuation within the district increases, the taxes derived from the increased valuation (tax increment) pay debt service on the bonds used to fund TIF project costs within the district. When the TIF debt is repaid, the district is dissolved and the taxes collected from the increased assessed valuation flow directly to the City’s general fund.
TIF Applications
| Center/West at Poppleton | View/Download |
| Perkins Somerset Oldtown Neighborhoods | View/Download |
| Perkins Somerset Oldtown Neighborhoods Supplemental | View/Download |
| Port Covington | View/Download |
| Vacancy Reduction and Affordable Housing | View/Download |
Annual Comprehensive TIF Report