The Greater Omaha Chamber (omahachamber.org), in collaboration with the University of Nebraska at Omaha’s Center for Public Affairs Research (CPAR), has released a comprehensive report on the role of Tax Increment Financing (TIF) in fostering economic growth across Nebraska. The results underscore how TIF has transformed blighted areas and contributed to property value increases and community revitalization throughout the state.
“TIF is a critical economic development tool for Nebraska. This report confirms what we’ve long believed; that strategic investments in TIF not only attract private development but also create long-term economic benefits for Nebraska’s communities. We will continue to utilize this essential tool knowing that it is indispensable for attracting investment and creating vibrant, economically resilient communities,” said Heath Mello, President & CEO of the Greater Omaha Chamber.
Key Findings:
- Widespread Adoption: TIF is actively used in 67 out of Nebraska’s 93 counties, spanning 136 cities and villages.
- Diverse Applications: Projects funded by TIF have supported residential development (54% of projects), commercial growth, industrial site creation, and essential public infrastructure improvements.
- Economic Impact: Property valuations in all active TIF areas have increased, with a total valuation growth of 324% since their base assessment. Adjacent areas have also seen average valuation increases of 19.5%.
- Positive Community Impact: TIF has spurred redevelopment that improves housing availability, modernizes infrastructure and revitalizes communities across the state.
“Our research demonstrates that TIF not only revitalizes key areas but also produces measurable economic benefits that extend beyond the immediate project boundaries. This report provides evidence that TIF remains a pivotal tool for Nebraska’s continued economic development and community revitalization,” said Dr. Josie Schafer, CPAR director.
Learn more at omahachamber.org.