Turning Tax Value Into Redevelopment Revenue
The Community Redevelopment Agency is funded through tax increment revenues. Properties located in the CRA district do NOT pay any additional property taxes; rather, a portion of the annual City and County taxes collected in the redevelopment area is transferred to the CRA for redevelopment activities. The greater the increase in taxable property values over the CRA's base year (2004), the larger the incremental increase in revenues transferred to the CRA. Other sources of funding for redevelopment activities include the issuance of taxable and nontaxable bonds.
As the Community Redevelopment Plan is implemented, the tax base for local government increases significantly. North Miami, by applying CRA skills, expertise and funding to the CRA area, continues to create revitalization with businesses, affordable housing, culture and entertainment, and community quality of life creating new benchmarks.
TIF Guidelines (PDF)
Multi-Family Improvement Guidelines