Tax Increment Financing
What is TIF?
TIF in Nebraska is primarily designed to finance the public costs associated with a private development project. Essentially, the property tax increases resulting from a development are targeted to repay the public investment required by the project. TIF provides a means of encouraging private investment in deteriorating areas by allowing city governments to devote all property tax revenue increases to repay the public investment needed to attract development. TIF can also be used to rehabilitate deteriorated buildings.
TIF is not a grant, and it is not a primary funding source for a redevelopment project. TIF does provide an incentive for private development that will increase the tax base. The property taxes generated from the increased valuation of the development can be captured for a period of up to fifteen (15) years to finance eligible improvements. Nebraska statutes allow TIF only when a project is not economically feasible without it.
To be eligible to receive TIF for a redevelopment project, the site or building must be located in a blighted and substandard area. See our comprehensive map of areas that have been declared blighted and substandard in the link below or click on the map.
City of Norfolk