Tax increment financing has been in Maine since 1985, and allows municipalities
Tax increment financing has been in Maine since 1985, and allows municipalities to freeze property values at existing levels in new developments. TIF districts shelter the valuation from state formulas as well, affecting state education subsidies and county taxes that normally decline when property taxes rise. The tax breaks are supposed to be counterbalanced by the creation or retention of jobs, but it doesn't always work that way and the law does not include any such requirement. Recent TIF deals include projects in Yarmouth, Jay and Bangor, but not everyone is sure the arrangements are good for municipalities or the state. Details, related article on the TIF policies of some municipalities.
Tax increment financing districts
Halper, Evan, "Tax increment financing has been in Maine since 1985, and allows municipalities" (1996). Maine News Index – Maine Times. 1694.
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