Monday, September 17, 2012

TIF Fact #5 --- 16 of 40 Marion County TIFs Have Seen Their Base Driven To Zero Value

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

The fairy tale that property taxes from the base before a TIF district is established will continue to flow to the schools, libraries, and other taxing units after the TIF is created is a potent tale.  As noted previously, it is simply not true.
For the pay-2013 year we now have 16 of 40 TIF districts (the older districts with a track record) whose base has been driven to zero.  Two more bit the dust this year.   They send no property tax revenue to support schools, libraries, fire departments, IndyGo, Health & Hospitals, or even City and County government.
Have you asked for the initial size of the base for the proposed expansion of the downtown TIF?  Have you asked why development already slated to occur over the next two years is being excluded from the base?  This surely is not development that will be spurred by the creation of a 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.

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