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Tuesday, October 26, 2010

Snellville voters should read and learn about Tax Allocation Districts (TADs)

Before you get upset when you see the word "Tax," be sure to read about what Tax Allocations (TADs) really are, and make sure you understand them, should this issue come to us on a ballot. This page of the Georgia Municipal Association's website has a down-to-earth explanation of how a Tax Allocation District works.

Snellville has to ask the Georgia Legislature if Snellville can consider Tax Allocation Districts in order to put the issue to the voters, and that is what
Monday's council vote was - whether Snellville citizens can vote on a T.A.D.

I personally think Tax Allocation Districts are a good idea, and Tax Increment Financing is a better name for what it really is.
Excerpts from: Snellville to look into tax allocation districts again, Gwinnett Daily Post, October 26, 2010

City leaders voted Monday to pursue the creation of tax allocation districts in Snellville. By agreeing to ask state legislators to allow the city to hold a referendum, Snellville will for the second time ask voters for permission to create TADs in the city.

Also known as tax increment financing, a TAD is a
defined area where real estate property tax money gathered above a certain threshold for a certain period of time can be used for specified improvements. The funds raised from a TAD are placed in a tax-free bond where the money can continue to grow. These improvements are typically intended for revitalization, especially to complete redevelopment efforts.

...Mike Sabbagh went a step further and encouraged residents to read about TADS and educate themselves before voting one way or another should the question be put to a vote again.

...“We’re not signing anything or causing any debt; we’re just keeping the door open to apply for $6.6 million in bonds,” [Barbara] Bender said. “We need to know what it would be used for and how to pay it back. No one’s ready to commit to this until we have those answers.” 

Excerpted from: Snellville to look into tax allocation districts again, Gwinnett Daily Post, October 26, 2010


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