FAQs: Frequently Asked Questions
What is TIF?
"TIF" stands for "Tax Increment Financing," a special tool that a city such as Westwood can use to generate money for economic development in a specific geographic area. TIFs allow a city to re-invest all new property tax dollars in the neighborhood from which they came for a 20-year period.
These "new" revenues arise if new development takes place in the TIF district, or if the value of existing properties rises, resulting in higher tax bills. These funds can be spent on reimbursable project costs such as sitework, parking structures, infrastructure construction costs, and eligible soft costs.