From the Johnson County Daily Journal:
Greenwood has been pushing for years to add businesses and jobs and increase its tax base on the east side, largely by setting aside property tax dollars and using them for projects in the area.
But the Interstate 65 corridor has proved popular with schools and charitable groups that don’t pay the property taxes that are funneled into road and other redevelopment projects.
Four properties, together valued at about $19.5 million, recently came off the tax rolls in the city’s eastside tax-increment financing, or TIF, district, which sets aside property taxes for projects that promote economic development. A major health care network recently bought an office park and a former manufacturing plant, and a trade union got a tax exemption on its massive training center and neighboring office.
The overall value of property that can be taxed for projects fell from $224 million last year to about $213 million this year — a first that local officials can remember. The total value would have grown slightly if the four properties hadn’t all come off the tax rolls at around the same time.
http://www.dailyjournal.net/view/local_story/Nonprofits-properties-lower-ta_1366943204/
