A report from Fort Worth’s Economic Development Department to council Nov. 7 states that the annual growth of Fort Worth’s tax increment financing districts continues to build on its upward trajectory from previous years, with taxable property values increasing by 3.6% in fiscal year 2022-23.
The framework
According to the report, Fort Worth has 11 active TIF districts. City officials can use TIFs to develop specific areas within their city limits that support taxable property values and encourage new growth in that area without increasing taxes on residents or businesses.
The report states that as the TIF district begins to see more investment and new development, the total taxable value of that area begins to rise. The funds that make up the difference between the new taxable value and the original base value—referred to as the tax increment—are then used to help finance public improvements within that specific TIF district.
