| State: |
OH |
| Incentive Type: |
Property Tax Incentives |
| Incentive Title: |
Tax Increment Financing |
| Description: |
TAX INCREMENT FINANCING: Municipalities and Counties may establish Tax Increment Financing Districts that enable new property tax increment to be used to fund certain costs related to economic development projects. Both the General Purpose TIF and TIF Incentive District are an economic development tool available to local jurisdictions to help finance public infrastructure costs, land assembly, demolition costs, and other eligible costs. |
| Eligibility Requirements: |
1. GENERAL PURPOSE TIF. The local jurisdiction may establish a TIF District in which the property tax increment from a private project will serve the public good. School board notification is required, and in some cases, approval, before legislation may be enacted.
2. TIF INCENTIVE DISTRICT. A TIF Incentive District may not exceed 300 acres. It must meet one or more of the charateristics of economic distress as defined by
5409.40(A)(5) of the O.R.C. and may not include a parcel from an already designated TIF. |
| Geographic Restrictions: |
Designated TIF Parcels or Incentive Districts |
| Granting Authority: |
Office of Tax Incentives and Local Jurisdictions |
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