Ohio Passes TIF Law to Fund Local Infrastructure Improvements
1 report, 1 independent
Updated Oct 8
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What happened
Ohio passed a Tax Increment Financing (TIF) law, which allows towns to secure funding for local improvements. Under the TIF system, municipalities can freeze property taxes on a property they wish to improve. When new construction or renovations occur, the additional tax money generated goes into a special account for public works instead of the general fund.
From akron.com
Why it matters
The law provides a mechanism for local governments to finance public improvements, such as roads and sewer lines, without increasing taxes on residents. It allows cities to use future tax revenue from new development to fund community benefits.
From akron.com
Who's involved
- OhioState that passed the Tax Increment Financing law
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The entities involved
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Ohio
state of the United States of America