Issues > TIRZ and Wilks Development > TIRZ General Info
Supporting pages: TIRZ and Wilks Development; TIRZ Wilks Journal, General Info on TIRZ, City of Willow Park Board and Ordinances
Latest update: Monday, 06 December, 2021
Hashtags: #TIRZandWilksDev, #DevelopmentNorth
What is a Tax Incremental Reinvestment Zone TIRZ
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Article: How Does a TIRZ Work?
"A TIRZ is a type of financing incentive that reimburses a developer eligible costs for approved infrastructure improvements. The reimbursement comes out of the incremental property tax increase that is generated within the TIRZ bounds. Simply put, a developer will front money to build in an area and the TIRZ pays them back as the area’s tax base grows."
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Article: Comptroller of Texas: Economic Development: TIRZ Benefits
A TIRZ project jumpstarts development to get things moving a bit faster and, ultimately, to generate new tax revenue. The benefits of a TIRZ includes, builds needed public infrastructure in areas lacking adequate development to attract businesses; encourages development, thereby increasing property values and long-term property tax collections; and reduces the cost of private development by providing reimbursement for eligible public improvements.
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Article: What is a TIRZ and How Can it Benefit Your Community? 07.22.2019
"A Tax Increment Reinvestment Zone (TIRZ) is a type of special district that is created to attract new investment to areas that need revitalization through Tax Increment Financing (TIF). TIF is a type of financing local governments can use to pay for improvements to help bring investment into an area by redirecting some of the ad valorem tax from the property within the TIRZ to pay for improvements. There are now more than 200 Tax Increment Reinvestment Zones (TIRZ) in Texas. The development of a TIRZ is an increasingly popular way to develop an area based on its potential value..."
"Tax Increment Reinvestment Zone (“TIRZ”) under Chapter 311, Texas Tax Code. Chapter 311, Texas Tax Code"
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