TIF VOTE ON TUESDAY
AN IMPORTANT TOOL FOR MILTON'S FUTURE ECONOMIC DEVELOPMENT EFFORTS
November 14, 2017, 7AM-7PM @ Town Offices, 43 Bombardier Road
Please vote! Early voting is available at the Town Clerk’s Office
What is TIF?
The Tax Incremental Finance (TIF) regulations requires that borrowing for projects to be paid by TIF revenue need to happen within a limited period of time. In this case before March 31, 2018.
TIF revenue is not an increase in the local tax rate (so you do not pay more in taxes).
The same tax rate applied to the increase in property value is where the TIF revenue comes from.
TIF SUCCESS IN MILTON!
The multi -story apartment building on Jenna Drive (off Center Drive) could not be built without the sewer system expansion (paid with TIF Dollars).
Before construction that lot was appraised @ $99,200 and generated a tax bill of $1,960.47 (FY15-FY16).
After construction, the same property was appraised at $2,935,600, which generated $60,766.92 in tax revenue.
The Town got to keep 75% of the Education Portion of that increase as well as 25% of the Town Portion to be used for TIF project funding (sewer system expansion) .
This same example gets repeated in all properties located in each TIF District.
Jan 7, 2025, 7 to 8 PM
DRBL: What Were Your Favorite Books of 2024?Jan 14, 2025, 7 to 8:30 PM
Taize Service Moved to January 14Jan 14, 2025, 7 to 8 PM