TIF is a funding method of allocating tax revenues to create public owned projects that stimulate private investment and improve the quality of life on Hilton Head Island. Parks, pedestrian-friendly roads, and other projects are a few examples of TIF projects.
TIF will not increase your taxes. TIF simply re-directs tax revenue from recently improved property within the TIF District. New property taxes derived by redevelopment go into a special fund. This fund is only used within the TIF District to make public improvements.
TIF makes tax dollars work for all of Hilton Head Island. Instead of your tax dollars going into the general accounts of other taxing districts, local tax dollars are utilized on Hilton Head Island (within the TIF District). Also, and perhaps most importantly, TIF allows the Town of Hilton Head Island to accomplish redevelopment goals without raising property taxes.
TIF makes neighborhoods come alive!
Many roads within the TIF District look and function like US Highway 278 in the Chaplin Area. People have a difficult time crossing and accessing their property on these roads. Improving traffic circulation, function and appearance, and installing pedestrian crosswalks at controlled intersections will make the area safer and more livable.
Hilton Head Island residents deserve the finest parks and open space areas. Within the TIF District there are opportunities to create new recreational areas, festival areas, and other park/recreation oriented experiences. Neighborhoods within the TIF District will benefit from publicly-owned parks where all Islanders can gather and enjoy. The Town of Hilton Head Island is seeking your input to create the best Tax Increment Financing District possible.
If you have any questions regarding TIF, please contact one of the following people:
Charles Cousins, Director of Community Development at 843-341-4691