Land Use & Zoning
A Virginia locality creates a tax increment financing (TIF) district to fund infrastructure in a blighted area. TIF works by:
ARaising everyone's property taxes in the TIF district
BCapturing the future tax revenue increase (increment) generated by rising property values after redevelopment to repay infrastructure bonds✓ Correct
CAllowing developers to pay no taxes for 10 years
DUsing federal grants to supplement local tax revenues
Explanation
TIF captures the difference (increment) between the property taxes collected before and after redevelopment. The tax increment is pledged to repay bonds used to finance infrastructure improvements, without raising tax rates.
Related Virginia Land Use & Zoning Questions
- Virginia's CDBG (Community Development Block Grant) funds are used primarily for:
- A Virginia commercial property owner seeks a sign variance because the local zoning ordinance limits sign size and the standard is too small for their business. They would apply to the:
- A planned unit development (PUD) in Virginia is:
- A Virginia property owner's land is condemned by the state for a highway project. The owner is entitled to:
- Virginia localities may accept voluntary cash proffers from developers during a rezoning. What is the primary use of proffer funds?
- Virginia's Chesapeake Bay Preservation Act's Resource Protection Area (RPA) primarily restricts:
- In Virginia, a 'Planned Unit Development' (PUD) zoning designation allows:
- A Virginia locality imposes an impact fee on new residential development to fund road improvements. This type of fee is known as a:
Practice More Virginia Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Virginia Quiz →