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3.0. HRSR 02-05-2001
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3.0. HRSR 02-05-2001
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1/19/2016 3:51:20 PM
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City Government
type
HRSR
date
2/5/2001
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■ �r <br /> 1 111111 111Captured Tax Capacity <br /> 111.111111.111 <br /> Original Tax Capacity <br /> This document provides a primer on the use of tax increment financing (TIF) for Minnesota cities. It is <br /> intended to provide a basic understanding of the concepts related to the use of TIF. <br /> Original Tax Capacity <br /> The tax capacity(taxable)value of the parcels within a tax increment financing district at the time the district <br /> is created. Also known as the "base"value. While this amount is typically frozen over the life of the TIF <br /> district, certain factors may change the Original Tax Capacity. These factors include,but are not limited to, <br /> changes in the classification of the property. <br /> Captured Tax Capacity <br /> The difference between the current tax capacity of parcels within the TIF district and the Original Tax Capacity. <br /> This value is captured by the City and serves as the basis for producing tax increment. <br /> Original Tax Rate <br /> The total property tax rate for all jurisdictions(with taxing authority over property in the District)at the time <br /> the TIF District is created. <br /> Tax Increment <br /> Property tax revenues created by Captured Tax Capacity multiplied by the lesser of the current tax rate or the <br /> Original Tax Rate. <br /> EHLERS &ASSOCIATES, INC. 3060 Centre Pointe Drive, Roseville, Minnesota 55113 651 697 8500 <br />
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