Tax Increment Financing (TIF) is a public funding mechanism to assist private development of an area within the City. TIF is a financial tool used to capture the increase in property taxes and sales taxes created from new construction. Up to 100% of the increase in property taxes and 50% of the increase in local sales taxes (the "increment") can be captured within the TIF project area. The property tax and sales tax increment may then be used to reimburse a private developer for eligible expenses or to repay principal and interest on bonds used to finance the eligible public improvement expenses for up to 23 years.
Tax Abatement Application
The City's Chapter 100 tax abatement program allows up to 90 percent tax abatement for qualifying companies. The program also allows up to 100 percent tax abatement for science and technology related companies or Class A office projects.
353 Commercial Application
The Downtown Commercial Property Tax Abatement program allows a 100 percent tax abatement on the assessed value of the property improvements for a period of 10 years. Additional years can be approved based upon property investment as outlined within the guidelines.
353 Residential Application
The Downtown Liberty Residential Chapter 353 District ("Downtown Residential District") allows the Liberty Municipal Redevelopment Corporation (LMRC) to receive partial abatement of property taxes for properties within the redevelopment area in accordance with the Downtown Residential District that are rehabilitated or redeveloped in accordance with the Redevelopment Plan. The purpose of the corporation is to provide a streamlined, cost-effective means for individual property owners to obtain partial tax abatement on their properties in return for making improvements.
Development Review Process Guidebook
This Development Review Process Guidebook includes a step-by-step guide to the zoning, platting, development review and development approval process.
Included is the schedule for submittal of development applications that require action by the Planning Commission and City Council.