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No.
School districts continue to receive all of the tax revenue that they
received before approval of a TIF redevelopment plan and projects.
TIF uses only those incremental tax revenues that exist because of
the new project(s) enabled by the TIF assistance. Also, most school
districts are protected from the impacts of TIF-enabled growth by
the state's school district funding formula. The school districts
state aid is based upon a formula which incorporates the amount of
ad valorem tax received and is raised or lowered in an inverse relationship
to a decrease or increase in the ad valorem tax revenue received,
the creation of a TIF project area is actually revenue neutral to
most of the school districts. |
