Town Tax Incremental Finance (TIF)
Towns have limited TIF authority. Once they have created a tax incremental district (TID), they can amend the district in two ways.
- Project Plan Amendment: Adds projects that were not included in the original plan. This does not affect the project implementation period, base value nor the TID's maximum life.
- Territory Amendment: Allows the addition of territory to a district. This can be done once during the TIF district's first five years. The value of the new area is added to the original base. Note: A fee of $1,000 is charged for a base redetermination.
The Department of Revenue uses the information on these forms to verify that proper legal procedures were followed and to establish the district's amended base value, if needed. They must be completed and submitted to the department on or before December 31st based on the amendment resolution date.
For more information contact:
Email - firstname.lastname@example.org
Last updated February 18, 2011