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Carbondale officials are looking into expanding several TIF districts near residential areas. City Manager Gary Williams says TIF districts encourage home or businesses owners to make improvements on their property, while at the same time, keeping a handle on property taxes.
What TIF does is it captures that increase in your property taxes, and it reimburses you, to cover the costs of your investment.
Economic Development Director Steven Mitchell says since so much of the city s housing stock is un-occupied rental units, the expansion of TIF districts could improve those areas. Try to use, some of these TIF funds that are generated to incentivize, owner-occupied homes, people to come in, buy rental properties, re-develop and re-invest in them.