HILLSBORO, Ohio — Hillsboro’s Tax Incentive Review Council will hold its annual meeting Aug. 5 to review the city’s active tax increment financing districts, as required under Ohio law.
The meeting is set for 4:30 p.m. in the large meeting room in the basement of the Highland County Administration building, 119 Governor Foraker Place, according to a public notice posted by the city.
The council’s task is to conduct the annual review of Hillsboro’s active tax increment financing, or TIF, districts and to take up any other business that comes before it, the notice said. The meeting is open to the public under Ohio’s Open Meetings Act.
Tax incentive review councils are created under Ohio Revised Code Section 5709.85, which requires counties, townships and municipalities that grant certain property tax exemptions to convene a council each year to examine every active agreement. The council checks whether property owners receiving the exemptions are complying with the terms of their agreements, evaluates the improvements made to the property and reviews the increased property valuation and employment tied to each project.
Under state law, the council must submit written recommendations by Sept. 1 each year to the city’s legislative authority — in Hillsboro’s case, city council — on whether each exemption should continue, be modified or be canceled. Council members then have 60 days to accept, reject or amend those recommendations by a formal vote.
TIF districts allow a municipality to divert a portion of the increased property tax revenue generated by new development or improvements within a defined area toward financing public infrastructure, such as roads, water lines or sewers, tied to that development. Hillsboro has established TIF districts in recent years as a tool to help finance infrastructure connected to development projects in the city.
The information contained in this story was obtained from a public notice posted by the City of Hillsboro.
