Joplin's Changing Landscape: Understanding the TIF District
JOPLIN, MO---It's a 3,100 acre district including the tornado zone and part of downtown, known as the TIF or Tax Increment Financing. The mechanism created by Missouri statute allows future revenues to be used for construction projects.
"In the future, let's say tomorrow, we build a $100,000 home, it's that growth that additional tax revenue that will be collected on that new $100,000 home that would be paid to those taxing districts now, they'll be making those payments and the taxing districts will give them back to the Joplin Redelopment Corporation," says Joplin Master Developer David Wallace.
So, what you're paying now in the TIF stays the same, any new and additional taxes from new construction in the TIF will go to TIF projects.
"So Joplin Redevelopment Corporation can build current projects meaning streets, sewer, water, sidewalks, other types of infrastructure projects that would beneft the entire community," Wallace says.
"In the future, let's say tomorrow, we build a $100,000 home, it's that growth that additional tax revenue that will be collected on that new $100,000 home that would be paid to those taxing districts now, they'll be making those payments and the taxing districts will give them back to the Joplin Redelopment Corporation," says Joplin Master Developer David Wallace.
So, what you're paying now in the TIF stays the same, any new and additional taxes from new construction in the TIF will go to TIF projects.
"So Joplin Redevelopment Corporation can build current projects meaning streets, sewer, water, sidewalks, other types of infrastructure projects that would beneft the entire community," Wallace says.
