The proposed TIF will not have a direct effect on a property’s existing value. Individual properties will continue to be assessed by the assessor’s office based on existing improvements to the property.
What makes a property desirable for purchase or redevelopment is contingent upon many factors including but not limited to its size, location, overall condition of its existing improvements, and price to acquire. The presence of a TIF would just be an additional factor to consider for the marketability of a property. Therefore, a property owner’s ability to sell their property should not be impacted by the presence of a TIF district. The Village has had two TIF’s previously established within the community and properties were successfully sold within each.
The intent of the creation of the TIF district is to improve overall property values within the TIF area. One of the qualifying factors reviewed within the TIF Eligibility Report for TIF #3 is the lagging EAV for the area. On average over the past five years, the EAV within the proposed TIF has increased at a rate 27% below that of the rest of the Village. By encouraging private investment within the TIF area it is hoped that the TIF will help to narrow this gap.