Existing user? Sign in
Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Or refine your search by selecting a city:
Refine your search by selecting a city.
Tax Increment Financing, commonly known as TIF, is a public financing tool in Nebraska intended to support economic development and redevelopment projects. It enables cities and municipalities to use the projected future increases in property tax revenues generated by a development project to subsidize the upfront costs related to the project. Implemented under the Nebraska Community Development Law, TIF is widely used to revitalize blighted or substandard areas with the goal of stimulating private investment that might not otherwise occur. The process is subject to defined statutory requirements and involves approval from local government authorities.
You may need legal assistance when dealing with Tax Increment Financing in Nebraska for several reasons. The TIF process can be complex, involving compliance with detailed statutory provisions and local ordinances. Common situations include:
Engaging a lawyer ensures that all legal obligations are met and helps minimize the risks of costly errors during the TIF process.
Tax Increment Financing in Nebraska is governed primarily by the Nebraska Community Development Law, found in Nebraska Revised Statutes sections 18-2101 through 18-2154. The law outlines the procedures and requirements for granting TIF, including:
Each project must conform to local comprehensive plans and regulations, and municipalities must follow specific procedures for amending or repealing redevelopment plans.
Tax Increment Financing in Nebraska is a financial tool used by local governments to encourage private investment and redevelopment in areas identified as blighted or substandard by capturing increased property tax revenue generated by new development.
A city or village must first designate a redevelopment area as blighted or substandard. A redevelopment plan is then created and must be approved after a public hearing. Once approved, the increased property taxes from the new development are used to cover eligible project costs for a limited period, often up to 15 years.
Typically, TIF is available to developers, property owners, or local governments planning redevelopment projects in areas designated as blighted or substandard under Nebraska law.
TIF funds are generally reserved for eligible public improvements such as infrastructure, site preparation, environmental remediation, and utilities related to the redevelopment project.
Under Nebraska law, the period during which tax increment is allocated to a TIF project cannot exceed 15 years.
These terms are specifically defined in Nebraska statutes and generally refer to areas exhibiting physical or economic deterioration, unsafe conditions, or obsolescence, making them eligible for redevelopment incentives.
A redevelopment plan and project must be approved by the local city council or village board after a public hearing and must conform with the community's overall plan.
Yes, but there are limitations and stricter criteria. The majority of TIF projects in Nebraska are commercial or mixed-use, but residential projects are allowed if they meet statutory requirements.
Yes, public notice and a public hearing are mandatory before a redevelopment plan involving TIF can be adopted and implemented.
Once the TIF period ends, usually after 15 years, all property tax revenues from the improved property are distributed as regular tax revenues to local taxing entities.
People seeking information or legal guidance on Tax Increment Financing in Nebraska may find these resources valuable:
If you need legal assistance with Tax Increment Financing in Nebraska, start by identifying your specific needs, such as application, compliance, or dispute resolution. Gather all relevant documents related to your property and any redevelopment plans. Consult with a qualified Nebraska attorney who specializes in municipal or real estate law or reach out to your local Community Redevelopment Authority for initial guidance. An experienced lawyer can help you navigate the TIF process, ensure compliance with all legal requirements, and represent your interests in discussions with local government bodies. Taking early action will help you avoid common pitfalls and set your project up for success.
