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How does TIF work?
How does TIF work?
Tax increment financing is a proven tool for economic development - utilized throughout New Hampshire. Once a district is defined and the current assessed property values in the district are set as a baseline, any increase in the property values within that District (in this case the West Milford District) will result in an "incremental" increase in taxes. All or part of this incremental increase can be used to pay for infrastructure improvements within the District. Once the costs for the infrastructure are paid off by the incremental revenues generated from the District, all property tax revenue goes into the general fund. Tax payers are not burdened with higher taxes to pay for infrastructure improvements - they are paid for with the new tax revenues generated from the TIF District development. All activity relative to the TIF District and Advisory Board is regulated by NH State Statutes.