For years, more than 300 properties have been missing from tax increment financing districts’ tax rolls in Monroe County and Bloomington.
As the county and the city work to make sure the TIF districts’ listings contain the correct properties, the financial effect that moving these properties back into the districts will have is still unknown.
An audit of the nine area TIF districts completed by the county and the city found 315 parcels that should have been included in the districts but were not, and seven properties that were erroneously included, according to data provided by Monroe County Auditor Steve Saulter.
TIF districts use property taxes generated by new construction in their areas to pay for infrastructure or debts incurred by infrastructure improvements. The idea is the districts use public funding to subsidize redevelopment and improvements that will serve a particular area.
Traditionally, these taxes would go to the TIF districts and not to other taxing units, including schools, counties and cities, but a 2011 state amendment allows school districts that levied additional taxes after April 30, 2010, to collect those taxes.
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