TIF Districts
Tax Increment Financing (TIF) is a powerful tool for funding necessary infrastructure improvements and has been used successfully in communities throughout New Hampshire.
Hopkinton's TIF Districts
At Town Meeting in March 2018, Hopkinton voters established two Tax Increment Finance (TIF) Districts. The Exit 6 TIF District encompasses the commercial area around Exit 6 on I-89 and runs about a mile along Maple Street. The Hart's Corner TIF District is located at the intersection of Routes 202/9 and Maple Street and runs about 3/4 mile along Maple Street.
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What is a TIF District?
Tax Increment Financing is a method of financing of public improvements with the incremental taxes created by new construction, expansion, or renovation of property within a defined area of the community.
What are the Rules?
Some key provision are listed here, but you should review the entire statute, RSA 162-K for a full understanding.
A municipality must first adopt the provision of RSA 162-K before creating a TIF. (Done at Town Meeting 2018)
Following adoption of the provisions of the statute, the town may then establish one or more development districts. (Two created at Town Meeting 2018)
For each district, the town must establish a Development Program including a Tax Increment Financing Plan which shall allocate use of tax increments for retirement of bonds and notes, operation, maintenance and improvements in the district and for general municipal purposes.
Money raised within a district must be spent within that same district.
