This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Georgia Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan
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US-00250
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FAQ
Following recent revisions in Georgia's statutes, TIF has been utilized or planned in DeKalb County and the cities of Atlanta, Macon, College Park, East Point, Marietta, Acworth and Smyrna.
Cities use TIF to finance public infrastructure, land acquisition, demolition, utilities and planning costs, and other improvements including sewer expansion and repair, curb and sidewalk work, storm drainage, traffic control, street construction and expansion, street lighting, water supply, landscaping, park ...
The minimum combined 2023 sales tax rate for Atlanta, Georgia is 8.9%. This is the total of state, county and city sales tax rates. The Georgia sales tax rate is currently 4%. The County sales tax rate is 3%.
Tax Increment Financing, or TIF, is simple in concept. TIF calls for local taxing bodies to make a joint investment in the development or redevelopment of an area, with the intent that any short-term gains be reinvested and leveraged so that all taxing bodies will receive larger financial gains in the future.
Georgia has a progressive income tax system with six tax brackets that range from 1.00% up to 5.75%. Peach State residents who make more money can expect to pay more in state and federal taxes. There are no local income taxes in Georgia.
Definition. Tax Allocation Bond. Bond payable from the incremental increase in tax revenues realized from any increase in property value and other economic activity, often designed to capture the economic benefit resulting from a bond financing.