Community Incentives: Tax Increment Financing
Monday, July 13, 2020
Are you interested in starting, relocating, or expanding your business in Wadena County or our surrounding communities? If so, our Tax Increment Financing incentive provides an additional financial resource to make the process more advantageous.
What is Tax increment financing (TIF)? TIF is a method of financing real estate development costs to promote development, redevelopment, and housing in areas where it would not otherwise occur. TIF projects include constructing buildings or other private improvements such as streets, sidewalks, sewer and water, and similar improvements. TIF finances development by "capturing" the incremental property taxes generated by the increased value of new development. Without development, there is no increment to capture, but once there is development, tax increment provides a revenue stream that can be used to finance a project directly or reimburse qualifying expenditures.
To learn more about TIF in Minnesota, please check out the Minnesota Department of Revenue's website.
If you think you have a project that would qualify, have further questions, or would like help with your TIF application, contact Katie Heppner at email@example.com or 218-837-5950.