TAX INCREMENT FINANCING (TIF) PROJECTS:

The City of Ogallala uses Tax Increment Financing (TIF) as an incentive to support new and expanding businesses. TIF helps fund public infrastructure improvements that are necessary for private development projects. It works by using the increase in property tax revenue generated by the completed project to repay the cost of those public improvements.
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This financing tool encourages private investment in areas that are in need of revitalization. By leveraging future property tax increases, local governments can cover the upfront infrastructure costs needed to attract and support development.
Property taxes are based on the county’s assessed value of the property at the time the project is completed, with all real property taxed at its market value
Tax Increment Financing is administered by the City of Ogallala. Please contact us for more information.