Princeton TAX $$$ Windfall after the expiration of the 1995 Toyota TIF District

[Titan32]

Due to the 1995 Toyota Patoka/Union TIF experation and the "catch up" of the tax base from 1995 to 2025....Princeton finds itself in a unique situation.  Even though a new/duplicate TIF is being launched...it won't matter.  The catch up on the BASE which now includes all of the Toyota and Anciilary Companies improvments, is going to allow Princeton Community High School to fund multiple bonded projects while at the same time lowering their property tax rate.  Princeton Community High School will be doing 40 million dollars worth of projects over the next two years.

 

The "Windfall" Mechanism: During the TIF's life, the increased assessed value (AV) of the Toyota plant and surrounding developments was "frozen" for local taxing bodies, with the tax increment (the difference between base value and new value) going into the TIF to pay for infrastructure. Upon expiration, this full, high valuation is returned to the tax rolls.

https://www.facebook.com/reel/1874726316747073/?mibextid=ZZyLBr

 

Edited January 18 by Titan32