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The goals of the City of Sun Prairie’s use of TIF include:
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TIF is short for tax increment financing. TID is short for tax increment district. Tax increment financing (TIF) is the economic tool available by creating a tax increment district (TID).
When a tax increment district (TID) is created, the value of the property at that point in time is set as the base value. The taxes created by the base value continue to pay out to the taxing jurisdictions at the same rate, while the increased value from the base rate that are paid in new taxes are leveraged to fund additional improvements that will continue to increase the value of the property further over the base value. Each TID has a set life that is allowed to have this fund available. When the life of the TID comes to close, all of the taxes then will be released to the taxing jurisdictions.
Graphics source: Vierbicher & Associations
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