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Tax Increment Financing
Purpose
Tax increment financing (TIF) has proven to be a widely used economic development tool nationwide. TIF is used more frequently now, because other historic development tools are no longer readily available to local governments. TIF offers local governments a way to revitalize segments of their communities by expanding their tax base and offsetting the federal and state funds that are no longer available without imposing increased property taxes on the whole community.

TIF captures incremental increases in tax revenues without any required change in the tax rates. As property values increase as a result of redevelopment, TIF enables the municipality to capture increased revenue and utilize it to pay for public improvements.

Pittsburg TIF District
TIF District has been created by the City of Pittsburg for a 28-acre area on North Broadway. The anchor store for this TIF District is Home Depot.

Supporting Documents