TIF Fact #2 --- $490 million of property value was transferred from the base to the increment this year

I sent the following email message to all City-County Councillors, select media representatives, and Senator Luke Kenley.

One of the fairy tales told to the public before a TIF is approve is that the property taxes that flow to the schools, libraries, and other taxing units before the TIF was created, will continue to flow to those units after the TIF is established.  Nice story; just not a true story.

This year, in preparation for the pay-2013 property tax year, Marion County TIFs saw $490 million assessed value transferred from the base to the increment.  That is 1/3 of the entire value of the base.

Base = the property value within a TIF district where the property tax revenues flow to the various governmental units

Increment = the property value within a TIF district where the property tax revenues flow to the TIF fund to make payments on bond debt and other expenses or projects

Did you ask how secure the base is for the proposed expansion of the downtown TIF?

The Council should demand full disclosure before Prop 15 or any other TIFs are considered.  Otherwise you won't know what you are voting on.

Citation : TIF neutralization forms filed by the Marion County Auditor with the Indiana Department of Local Government Finance for pay-2013