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Tax Increment Financing (TIF)
Tax Increment Financing (TIF) is a local financing tool that permits a municipality to use some or all of the new property taxes that result from an investment project within a designated district to assist in that project's expenses. The municipality may disburse the tax increment directly to the investing business to help pay project costs, use it to retire bonds it issues as part of the project, or retain it for allowable economic development purposes.
Over the years, NMDC has developed proficiencies with the TIF program that ensure its member communities are served in an efficient, professional and consistent manner. Companies who desire to take advantage of Tax Increment Financing have only to contact their host community or NMDC directly for assistance in determining whether this economic development tool could be play a role in their expansion plans.
Our project history is both interesting and innovative and thus represents a true local commitment by our member towns to become undeniably committed to business development and expansion in their communities and the region.
For more information, please visit Maine’s Office of Economic and Community Development.