A city in Ohio wants to incentivize development of a blighted downtown area. The city establishes a Tax Increment Financing (TIF) district. Under Ohio's TIF rules, which statement is MOST accurate?
Correct Answer
D) The incremental increase in property tax revenue from new development is diverted to fund public infrastructure improvements in the TIF area
Under ORC Chapter 5709, Ohio's TIF mechanism captures the incremental property tax revenue that results from new development (the 'increment' above the base value) and redirects it to fund public infrastructure improvements within or benefiting the TIF district. Property owners still pay taxes, but the new revenue from increased values funds the designated improvements.
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