Monday, September 17, 2012

TIF Fact #9 --- Most TIF Districts Underperform County As a Whole

I sent the following email message to all City-County Councillors, select media representatives, and Senator Luke Kenley.
Of the 40 TIF districts with a track record in Marion County, 25 underperformed the County as a whole in 2012 when growth in property values are considered.  Two years ago, 23 underperformed when compared with the County as a whole.
For the pay-2013 tax year, assessed values in Marion County grew a tiny, but positive, 0.8%.
25 of Marion County's TIF districts lost value and underperformed the County as a whole.  15 gained value and outperformed the County as a whole.  Taken all together, the County's TIFs did about as well as the County as a whole.
The consolidated downtown TIF was the 'winner', with a 10.5% increase in assessed value.  The consolidated airport TIF lost 17.8% in assessed value.  All TIFs combined except the downtown TIF showed a loss of 3.8% in value.
Have you requested financial predictions on the growth of the expansion areas being proposed for 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.

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