A public hearing Tuesday will be about a new reinvestment zone in Taylor.
On May 24, Taylor Independent School District’s board of trustees will hold a public hearing on the creation of a reinvestment zone, titled No. 2022-001, pursuant to Texas Tax Code 312.0025. The meeting will be at the board room at 3101 N. Main St. in Taylor.
A tax increment reinvestment zone is a political subdivision of a municipality or county in Texas created to implement tax increment financing. Last year, the Taylor City Council approved a tax increment reinvestment zone where a Samsung Austin Semiconductor plant is planned for construction.
Under Chapter 312, the Texas Comptroller’s office defines a tax abatement as a local agreement between a taxpayer and a taxing unit that exempts all or part of the increase in the value of the real property or tangible personal property from taxation for a period not to exceed 10 years. Tax abatements are an economic development tool available to cities, counties and special districts to attract new industries and to encourage the retention and development of existing businesses through property tax exemptions or reductions.
A school district may designate an area entirely within its territory as a reinvestment zone if the governing body finds that, as a result of the designation and the granting of a limitation on appraised value for property located in the zone, the designation is reasonably likely to contribute to the expansion of primary employment in the reinvestment zone or attract major investment in the reinvestment zone. A major investment could be a benefit to property in the reinvestment zone and to the school district or contribute to the economic development of the region of the state.
