Last October I moved into a new house, but it is not up to my
standards so I need a new one. I plan to use Tax Increment
Financing, the latest thing in new home financing. Here’s the N&O’s description of how it will work.
Quote: “HOW TAX-INCREMENT FINANCING WORKS: The
farmland used for Sanera’s new house would be designated as a special
district. A base tax value for that farmland would be established, and
tax revenue based on that value would go to the city and county.
Additional revenue — fueled by a higher property value after Sanera
builds his new house — would be put into a reserve to pay back the
money borrowed to build his house. Any extra money also would go to the
city and county.
Sanera’s analysis shows extra money would be available to the city and
county after the first few years. By 2010, there would be about $20,000
surplus, according to documents Sanera provided to Raleigh officials.”
End Quote
Great Deal, Right? I am sure the city council will vote for my financing package at its next meeting. Stay tuned.
