Tax Increment Financing Reinvestment Zone
The TIF Zone is a mechanism to finance new public improvements in a designated area, in order to stimulate new private investment.
Any increase in ad valorem tax revenue (caused by new private investment and higher land values) is paid into a special TIF Fund used to finance TIF projects. Any increases in personal property and inventory tax revenue will go to each taxing jurisdiction - The City of Kerens, Kerens Independent School District, Navarro College, and Navarro County.
Two things don't change:
1. Property owners pay taxes at the normal rate, there is no forgiveness nor extra charge of any kind
2. Taxing jurisdictions continue to receive their original "base" ad valorem tax revenues.
The TIF District is managed by a Board of Directors. The board is appointed by participating taxing jurisdictions. This Board is only a recommending board, the Kerens City Council has approval authority.
Read the TIF Preliminary Plan for Development