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TAX INCREMENT FINANCING DISTRICT SALE AND REDEVELOPMENT AGREEMENT by and between CITY OF SALEM, MARION COUNTY, ILLINOIS and CEPT PROPERTIES, LLC and AIR APPLY, LLCSALEM TAX INCREMENT FINANCING DISTRICT

How to fill out single property tax increment

How to fill out single property tax increment

1. Obtain a single property tax increment application form from your local tax authority's website or office.
2. Fill in the property owner's name and contact information accurately.
3. Provide the property address and details of the property, including its dimensions and type.
4. Indicate the current assessed value of the property as determined by the local tax assessment office.
5. Specify any improvements made to the property that may qualify for tax increments.
6. Include any necessary documentation or proof of improvements, such as receipts or contractor invoices.
7. Review all information filled in for accuracy and completeness.
8. Submit the completed application form and required documents to the local tax authority by the designated deadline.

Who needs single property tax increment?

1. Property owners seeking to benefit from tax increment financing for improvements to their properties.
2. Developers looking to invest in new projects within areas designated for tax increment financing.
3. Businesses planning to expand or renovate in order to increase their property’s value and appeal.

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What is single property tax increment?

Single property tax increment refers to the increase in property taxes generated from improvements made to a single property after its assessed value is raised due to those improvements.

Who is required to file single property tax increment?

Property owners or developers who have made improvements to a property that result in an increase in assessed value are typically required to file for a single property tax increment.

How to fill out single property tax increment?

To fill out the single property tax increment, property owners generally need to complete a designated form provided by the local tax authority, detailing property improvements, valuation changes, and any other required financial information.

What is the purpose of single property tax increment?

The purpose of single property tax increment is to capture the additional tax revenue generated from property improvements, which can be reinvested into local community initiatives or infrastructure projects.

What information must be reported on single property tax increment?

Information that must be reported includes the property's previous and current assessed values, details of the improvements made, dates of improvements, and any special assessments applicable to the property.