Tax Increment Financing
Tax Increment Financing allows increases in property tax based on the improvement associated with qualified economic development and public improvement projects to assist with their long-term financing. Its objective is to promote and facilitate the orderly development and economic stability of communities in the state. Tax increment financing captures the projected increase in property tax revenue gained by developing a discrete geographic area and uses that increase to pay back debt raised through bonds issued to finance the project. This funding makes it possible to go forward with projects that otherwise would not be built. See the application for details.
Local Government; For-Profit Business
Eligible Recipients Detail:
Tax increment financing can be used by West Virginia counties and class I and II municipalities to help fund their own development projects or projects brought to them by private developers or other private or government entities. Class III and IV municipalities must work with their local county commissions in order to utilize tax increment financing. (Class I municipalities have more than 50,000 people. Class II municipalities have more than 10,000 and up to 50,000 people. Class III municipalities have more than 2,000 and up to 10,000 people. Class IV municipalities have less than 2,000 people.)
General Infrastructure; Last Mile Infrastructure; Building Infrastructure; Anchor Institution Infrastructure
Eligible Purpose Detail:
Eligible development activities include:
Infrastructure and environmental projects for industrial enterprises and retail establishments; Infrastructure, environmental and building projects for manufacturers, hospitals, convention centers and associated hotels; Utilization of abandoned or underutilized industrial, commercial, military, previously mined institutional sites or buildings; or undeveloped sites planned and zoned for development in accordance with any existing comprehensive municipal plan.