Tax Increment Financing2024-07-15T15:24:08-07:00

Supporting Economic Vitality Through Tax Increment Financing

The Port of Woodland is considering using Tax Increment Financing (TIF) to fund a suite of public improvement projects that would drive economic growth and create job opportunities for Woodland and the surrounding region. TIF is an innovative financing tool authorized by the Washington State Legislature in 2021 to help cities, counties, and ports fund infrastructure projects that promote job growth and economic vitality within their communities.

This funding tool would be instrumental in supporting the Port’s mission of fostering job creation through economic growth and recreational opportunities. In addition to funding essential projects and improvements, it would serve as a critical source of funds to leverage other funding sources needed to complete these infrastructure projects. These investments are expected to further stimulate economic development, boost private investment, and create job opportunities for our community.

Frequently Asked Questions

How does TIF work?2024-07-10T14:16:38-07:00

TIF works by utilizing the taxes from a property’s increased value to fund infrastructure projects within a designated area, referred to as a Tax Increment Area (TIA). The State Treasurer’s Office must also review the proposed TIA, focusing on financial feasibility.

Will this raise my taxes?2024-07-10T12:29:56-07:00

TIF is not a new tax. Instead, it is a financing tool that captures and redirects annual tax increases to fund a list of projects within the TIA. However, establishing a TIA may result in indirect changes to the calculation of existing property tax levy rates. This may result in slight increases for some levies and slight decreases for others.

Will TIF impact other agencies?2024-07-10T12:58:20-07:00

By capturing an area’s appreciated tax increase, it may impact the taxes that some other local agencies receive. However, TIF will not take away dollars from local schools, as both state and local school levies are exempt from being impacted by TIF. We will be available to provide information, answer questions, and work together on any anticipated impacts to local agencies.

How will the Port mitigate impacts to other agencies?2024-07-10T13:08:24-07:00

The Port will continue to assess the potential impacts of TIF on local fire districts, public hospitals, and emergency medical services. The Port will work with each agency to create a mitigation plan to address potential future impacts if TIF is implemented.

When would TIF be implemented?2024-07-10T16:57:39-07:00

The Port is still in the early stages of considering where and how to use TIF. A decision is anticipated by spring 2025. The Port will engage in extensive outreach to share information and seek input from members of the community. Two official public briefings will be held in early 2025 as part of the process.

Tax Increment Financing Adoption Timeline
Where is the proposed tax increment area?2024-07-10T16:48:37-07:00

Proposed TIA boundary map:

Proposed TIA boundary map

For more information, please contact:

Jennifer Wray-Keene, Executive Director
Phone: (360) 225-6555
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