QUINCY â Preliminary talks are underway to create a new tax increment financing district in the Quincy Mall area, which recently was announced as the site of a new 25-bed hospital for Quincy Medical Group.
Tax increment financing works by capping the value of a designated area determined to be âblightedâ by a third party under criteria written into state law. Any property taxes collected on the land up to the capped value go into the cityâs general fund. Property taxes collected above the base value get diverted into a special account reserved for economic development purposes.
Local governing bodies such as school and park districts would continue to receive tax revenue up to the base value of properties within the TIF district but would derive no additional revenue if the value of any parcel improves.