Tax Increment Reinvestment Zones (“TIRZ”) have been applied nationwide as a means for encouraging economic development. Funds are derived from existing property taxes. The Tax Increment Financing (“TIF”) is the resource realized through the TIRZ. The TIF utilizes a portion of all taxes being paid within a TIF District or Tax Increment Reinvestment Zone and redirects them for area revitalization and infrastructure improvement. The TIF is not a new tax.
For more information, please see Tax Code, Chapter 311
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