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Staff briefs board on how tax-increment reinvestment zones (tiers) work and Amarillo's Center City goals
Summary
Tiers staff gave a state-and-local overview of tax increment financing: how captured value is funneled into a TIF fund, statewide zone statistics, and the Center City tiers’ goals, progress and long-term commitments, including projections and debt obligations.
Drew, a tiers staff member, told the Center City Tax Increment Reinvestment Zone No. 1 board that tax increment reinvestment zones — referred to locally as "tiers" — capture increases in property appraised value inside a defined area and funnel the increment into a tax increment fund intended to spur further investment.
Using a simplified property example, Drew showed how a base-year appraised value is preserved for taxing entities while post-improvement value growth is captured as…
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