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Council hears presentation on proposed TIF District 2; school district and residents raise concerns about EAV impacts
Summary
Consultant Jared of Moran presented a preliminary plan for a proposed TIF District 2, explaining how TIF revenue is generated and used and the need for contiguous parcels and annexations. School-district representatives and a retired state education official warned including existing residential properties could ‘freeze’ equalized assessed valuation and harm school revenue, and asked for carve-outs and detailed EAV analysis.
Jared, a consultant from Moran, presented a preliminary overview of a proposed Tax Increment Financing (TIF) District 2 to the Birmingham City Council on July 28, describing how TIF redirects taxes on increased assessed value into a redevelopment fund for up to 23 years and outlining eligible uses such as infrastructure, utility improvements and building rehabilitation.
Jared explained that TIF is not a property tax increase and does not change existing tax rates; rather, taxes on the base assessed value continue to go to taxing bodies while taxes on growth (the…
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