What is a TIRZ?
Tax Increment Reinvestment Zones (TIRZs) are special zones created to attract new private and public investments in an area. These zones help finance costs of redevelopment and promote growth in areas that would otherwise not attract sufficient market development in a timely manner.
Tax Increment Financing
How does a TIRZ Work?
A TIRZ works by locking in the dollar amount that the city receives as a result of the taxes that is generated by development and investment, at a specific time. If rising property values cause revenues to grow above that figure, they’re redirected to a TIRZ fund controlled by an appointed board of directors.
192.81 (+2.81 / +1.47%)
Opportunity
The County is positioned to maximize public and private assets, and partner with Local, State and Federal entities to integrate goals with market opportunities.The County is positioned to maximize current assets, public and private, and incorporate multiple partners across Local, State and Federal entities, sector expertise and to integrate socio-economic goals with market opportunities. Harris County will have made significant contributions to the quality of life for residents, employees, and businesses.
Reinvestment
The HCRDA and TIRZ 24 is committed to implementing imaginative, creative initiatives to achieve social equity and a balanced economic ecosystem.The HCRDA and TIRZ 24 is committed to implementing imaginative, creative initiatives to achieve social equity and a balanced economic ecosystem. The goal is to balance economic vitality, job equality, housing, and open space to create sustainable communities through new and revitalized infrastructure and development.
Growth
The Harris County RDA and TIRZ 24 will make strategic community investments in real estate projects and capital improvements.The Harris County RDA and TIRZ 24 will make strategic community investments in real estate projects and capital improvements that will result in resilient, sustainable communities integrating transit access, innovative drainage solutions and incorporating an enduring urban design that promotes new real property housing values serving mixed-income and mixed land use developments.
County & City Benefits
TIRZ #24 will be used to stimulate and revitalize vacant, undeveloped or underdeveloped areas within the zone over a 30-year time period ending December 31, 2042.
Revitalization of the area with business development initiatives bringing a diversity of jobs, which will draw more residents to call this area home.
- Increased real property tax growth revenues; these revenues go directly back into the economic, commercial, residential, cultural, artistic, and urban development of the Zone.
- Increased employment by the creation of construction adnd other construction-industry related jobs.
For more details on TIRZ #24, click here.
