Other Eligibility Criteria:
For any municipality, township, or county with a population (based on the most recent federal census) of 25,000 or more, an Incentive District TIF can be created only if the value of real property located within all Incentive Districts, including the proposed Incentive District, will not exceed 25% of the jurisdiction’s total real property valuation. Communities with a population of at least 25,000 that are considering creating an Incentive District TIF after January 1, 2006, must compute the following valuations: a) for property located within the proposed TIF, determine the taxable value of the property during the preceding tax year; and, b) determine what would have been the taxable value of property located within an Incentive District TIF during the preceding tax year that would have been taxable but for the fact that the property was located in an Incentive District TIF. Finally, divide the sum of a) and b) by the total taxable value of real property located in the jurisdiction for the preceding tax year. If the result of this calculation does not exceed .25, the proposed Incentive District TIF can be created.