Your property taxes could have helped update Greenville’s streetscapes, add new parking structures, and make infrastructure improvements that enable smart growth for GVL. 💸 It’s all thanks to Tax Increment Financing (TIF).
In summary: The City looks at areas for revitalization + decides to establish a defined area as a TIF district. Property taxes in that area are then frozen at their current level for tax-collecting entities (like public schools). Any property tax revenue increases due to higher property values – caused by new development – go to a City fund instead, and are used for further redevelopment in that TIF district. Basically, development makes more development possible.
The City has created three downtown TIF districts: Viola Street, the West End, and the Central Business District. The Viola Street district expired in June 2016 (it met its revitalization goals, but the City can still fund projects in that area); the other two will expire in September 2021.
The West End + Central Business TIF districts were created in 1987, with Viola Street following in 1998. The local government specifies the district’s expiration date, the improvements to the area it’ll fund, and the funding method (typically bonds, paid back with the TIF funds).
Since then, revenue from those TIF districts has funded things like Falls Park ($1,830,000 from the Central Business District fund), the development of the Peace Center, and under-the-radar projects like sewer renovation + sidewalk repair.
When a TIF district expires, entities like public schools, police, and sanitation go back to collecting tax at its present-day value. Everyone benefits – new development in the area means higher property value + more tax revenue.
For a look at the difference TIF makes in property value: since TIF districts were implemented in 1987, the assessed values of property within the City of Greenville grew 201%. In the same timeframe, property value grew 465% and 753% in the Central Business + West End districts respectively.
Here’s a list of proposed improvements from Sept. 2018 using $1,070,000 from the former Viola Street TIF district: it includes Viola Center and park improvements, YouthBase renovations (813 Hampton Ave.), and a Fludd St. extension.
What other questions do you have about the city? Funding, development, government, growth – take our survey here + tell us what you want to know. ⬇️
