Steps Maintain TIF District Details

Navigate:ClosedTax > Levy Management > Setup > TIF Districts > Search for TIF Districts > Maintain TIF District Details

OR

Tax > Levy Management > Tax Entity Maintenance > TIF Districts > Search for TIF Districts > Maintain TIF District Details

Description

All the TIF districts you selected on the search screen are displayed on this screen with the first one displayed.Enter the identifying information, dates, and levy and calculation information for each TIF district.

Steps

  1. Enter or edit the Code and Description used to identify the TIF district.

  2. Select the TIF Category, either primary or sub-district. If the TIF is a sub-district, select the Primary TIF it is associated with. For example, a sub-district might be used when a TIF is expanded.

  3. Select the TIF Type to use for reporting.

  4. Select the checkbox to Use the secondary tax calculation rule and the Tax ChargeTIF allocation rule to calculate TIF taxes as a separate step in tax roll processing using a predefined allocation rule.

    OR

    Leave the Use the secondary tax calculation rule checkbox blank.

  5. If leaving the secondary tax calculation rule checkbox blank, select the  TIF allocation rule, if you want to calculate TIF taxes along with regular taxes using special value types for base and incremental value.

    NOTE: For this option, you will need to set up TIF value mappings and set rates of TIF participation for selected TAGs that participate in the TIF.

  6. Enter an External id number, if necessary, such as a state-issued identification number.

  7. Select the Start year and End year,the first and final tax years for which TIF incremental values will be calculated.

  8. Select the Base value year, which is the Assessment year from which taxable base values are established; and select the Base rate year, which is the base Tax year used when determining the rate source.

  9. Select the Rate Source. The rates to calculate TIF charges can come from the base year TAG rates, current year TAG rates, or the lesser rates from the two years (this last option would most likely be used when rates have gone down).

  10. Enter the Maximum levy amount budgeted for the TIF.

  11. Enter the Plan date (approval date).

  12. Enter the Certificate date, which is used for reporting purposes.

  13. Enter the Expiration date, which is the date the TIF expires.

  14. Enter the Decertification date, which is the actual date the TIF was decertified, or expired.

  15. Click Select Party to search for a party on the Records Search for Legal Party screen to define as the contact for the TIF district. When finished searching, you return to this screen.

NOTE: If User Defined fields display, enter the required and/or optional information that has been set up for your installation. User-defined fields enable you to store additional information about the TIF district.

User-defined fields are set up and maintained via Configuration > User-Defined Fields for the Levy Management module and the Tax Increment Financing object type to be available here. If no user defined fields have been set up, a message stating that will be displayed at the bottom of the screen.

  1. Click Save to save the TIF district.

    • Click Participation to go to the Maintain TIF Participation screen to select the TAGs that participate in the TIF and set the rates.

    • Click Value Map  to go to the Set Up TIF Value Mappings screen to set up the base and incremental value types used to calculate TIF charges.

    • Click Delete to delete a TIF district from the database.

    • Click Previous to return to Search for TIF Districts.

    • Click Close to end the task.

Tips Tips

Revenue objects are associated with TIF districts using Maintain TIF District Revenue Objects, which is accessed from the Search for TIF Districts screen.

NOTE: If TIF taxes are calculated using the rates from the start year, and if the structure of the TAF rates has changed for the current year (due to a change in authorities and/or funds in the TAG or a change in TAG for a property within the TIF district), the original TAF rates is reallocated according to the TAF rate structure for the current year. The total TIF effective rate remains unchanged.

If the legal party you want to add as a contact does not exist in the system, click NEW  on the Records Search Results for Legal Party screen to access the Add New Legal Party screen. After you finish entering the new party and save it, you are returned to this screen with the new party displayed.

The contact party is not the same party as the agency to which TIF collections will be distributed. Agencies are set up in the Distribution module.

The value types available for selection are defined in value type list setup in Value Type Mapping.

Power User: When a TIF district is created, the Assessment Administration module automatically creates a value modifier which corresponds to it and which will be attached to each revenue object that is in the TIF district. The value modifier typically has the same name as the TIF code.

Definitions Valuable Vocabulary

Base Value Year >ClosedThe year the base value of the TIF district is frozen. Throughout the duration of the TIF district, the revenue on that value goes to the tax authorities, and revenue on value above that amount goes to the TIF district.

End Year >ClosedWhen the TIF district expires, all revenue goes directly to the tax authorities.

Sub-district >ClosedTIF sub-districts are full TIFs which are processed independently of primary districts but which need to be linked with a primary TIF for reporting purposes.