With its downtown booming, Austin, Texas is trying to help homeowners who are feeling the squeeze from rising property values -- by buying their land.
"A homestead preservation district is modeled after tax increment financing. In a TIF district, a percentage of revenue generated by property taxes in a geographic area is designated to fuel future growth, repair, upkeep, or development;"
Now this financing model, which is often used as a tool to raise an areas property values, is being used to help owners effected by its success.
"The idea is that if a resident has trouble keeping pace with rising property taxes, the city could buy the homeowner's land and lease it back to her at no cost. This drastically lowers taxes by leaving homeowners to pay tax only on their homes and any subsequent improvements, not on the spiraling land costs. The city would pay for the lands by garnering a percentage of the increased appraisal costs in the district."
Read the full story: TIFing the Eastside
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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Harvard University Graduate School of Design
KFH Group Inc.
Greater Baltimore Committee
The Architects Foundation
University of Cincinnati Online
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello