11-15-11: TIF Tiff?
TIFs and PILOTs are two tax breaks often used by Baltimore City to spur development. Those are acronyms – TIF stands for Tax Increment Financing, while PILOT is short for “payment in lieu of taxes.” Last week, a task force led by Councilman Carl Stokes issued a report stating that the way we use these breaks needs to change. The group says we need to do a better job of measuring the social benefits promised by developers who get these breaks –and that the whole process needs to be more transparent.
Mayor Stephanie Rawlings-Blake has used these breaks frequently in her quest for development. So – what does this tiff over TIFs mean for the future of development in Baltimore?