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Learn how Tax Increment Financing works through an example of property tax increase in an urban district, funding public projects and developments. Explore the mechanism behind TIF bonds for urban renewal projects. Discover a range of public initiatives revitalizing communities in Missoula.
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Tax Increment Financing Example • An example to help in understanding tax increment is to visualize a vacant or under-utilized property in an urban renewal district that generates $1,000 in property taxes annually. If the owner, tenant, or a developer improves the property so that it generates $1,500 in property taxes annually, the $500 increase is called the Tax Increment. That amount goes into a special fund for improving the urban renewal district. When authorized by City Council, MRA may also issue bonds secured by tax increment revenue.
MRAPublic Projects Parks and Trails Bridges • Caras • Northside Railroad Crossing • Bess Reed • California Street Bridge • Clark Fork Natural Park • Orange Street Bridge Upgrades • Farmers Market • Hilda St. Ditch Crossing • Bank Street Pedestrian Mall • Madison St. Pedestrian Bridge • Evelyn Johnson Park • Station Drive Ditch Crossing Parking Structures and Lots • Central Park • Bank Street Parking Deck • Ten Other Parking Lots Downtown
MRAPublic Projects (cont.) Streets and Alleys Sewer and Water Projects Street Trees Public Buildings • City Hall • Partnership Health Center • County Courthouse • MUTD Transfer Center • City County Health Building • City/County Library • Hellgate High School • Art Museum of Missoula (Window Project and Auditorium Project) • Russell Smith Courthouse • Missoula Fire Station Headquarters • Purchase Central School
