A Tax Increment Reinvestment Zone (TIRZ) is an economic development tool that captures the projected increase in tax revenue that is created by development within a defined area and reinvests those funds into public improvements and development projects that benefit the zone.
|How Does it Work?|
A base value is determined by the existing taxable value of real property within the TIRZ at the time the TIRZ is created. The taxing entities (i.e. the city, county and school district) continue to receive the base year value of the property taxes throughout the life of the 30-year zone. The increment, the portion of incremental increase in real property tax revenue above the base year resulting from increases in taxable value of property, is captured for the TIRZ.
|How Many Does Amarillo Have?|
The City currently has two zones, the Center City TIRZ established in 2006 and the East Gateway TIRZ established in 2016. To learn more, click below or visit their pages in the menu.