Tax Increment Financing
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The City of Ogallala utilizes Tax Increment Financing (TIF) as an incentive tool for new and expanding businesses. TIF is a method of financnig the public costs associated with a private development project. Essentially, the property tax increases resulting from the development are targeted to repay the public infrastructure investment required by a project.
TIF provides a means of encouraging private investment in deteriorating areas by allowing local governments to use future property tax revenues to finance the current infrastructure costs needed to attract development. Property tax payments are determined on county assess value at time of completion of project. All real property is subject to tax at market value. | ||
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