Tax-Allocation District
A Tax Allocation District (TAD) is a specific type of financing tool used to promote economic development and revitalization in certain areas. Established under the Georgia Redevelopment Powers Law, TADs allow local governments to capture the increased property tax revenues generated by new development or property value appreciation within a designated district.
Key Features of TADs in Georgia:
1. Purpose: The primary goal of a TAD is to encourage economic growth, attract new businesses, and revitalize blighted or underdeveloped areas. Funds can be used for infrastructure improvements, public amenities, and other development-related expenses.
2. Planning and Approval: The establishment of a TAD requires a detailed redevelopment plan and must be approved by local governing bodies, such as city or county commissions. The plan outlines the specific projects and improvements that will be funded through the TAD.
3. Duration: TADs in Georgia typically have a lifespan of up to 30 years, allowing sufficient time for the anticipated development and tax revenue increases to occur.
4. Impact: TADs can help leverage public funds to stimulate private investment, leading to economic growth, job creation, and improved community infrastructure.
To learn more about TADs, please view the Rome Redevelopment Agency Policies and Procedures for Processing Requests for TAD Financing.