VERMILLION COUNTY INCENTIVES
Vermillion County potentially can offer two primary local incentives designed to lower business start-up costs.
TAX ABATEMENT
Ten year abatement on both real and personal property.
TAX INCREMENT FINANCING (TIF)
Tax Increment Financing (TIF) is used to capture property tax revenue attributable to increases in assessed value. Increases in assessed value occur when private development takes place in a defined geographical area designated by local government. When a TIF area is created the assessed value is frozen. As development occurs the property taxes paid on the increase in the assessed value is captured and can be used to pay for infrastructure improvements, debt payment on bonds issued to facilitate the development, and a variety of other costs incurred to generate additional development in the designated area.
Additional local incentives are considered on a project by project basis.
