TAX INCREMENT FINANCING (TIF)
Tax Increment Financing is a common term and tax initiative that's implemented in new developments. The use of TIF is governed by state law. It enables URAs, like P3, to collect the new property and/or sales tax revenues generated within a designated urban renewal area to help finance further improvements. Essentially, TIF is the difference (or the increment) between the amount of property tax collected when a URA is established and the amount of property tax collected after property values have increased.