Around the state, it’s becoming more and more popular. A common ballot item in this year’s November election for many Gwinnett municipalities is the creation of a special taxing district.
Several municipalities will ask voters to consider a referendum giving them redevelopment powers to create a tax allocation district, or TAD, as an economic development tool. Such districts cull taxes from increasing property values within the target area and put the money back into public improvements there.
I’m a big supporter of TAD’s. I think they are a great idea. The more local governments understand them, the better off we’ll be.
Tax abatement plans and tax allocation districts are two great friends of revitalization that cost the taxpayers nothing, other that potential future tax revenue for a period of time, which would not even be generated but for the redevelopment. Of course, here in Macon, some city councilmen think this is a ponzi scheme. LOL.