What are Community Redevelopment Trust Funds, Tax Increments, and Tax Increment Financing (TIF)?
Community Redevelopment Trust Funds are created for CRA districts as a means of holding revenues to be reinvested in the CRA. The tax increment is made up of property taxes contributed by the city and county to the Community Redevelopment Trust Fund. The tax increment is calculated annually based on increases to property values within the designated CRA districts, using the year in which they were established as the “base year.”

For example, if an unimproved property was valued at $10,000 in the base year and a new building is built on the property tomorrow, the new value of the property is $15,000. The incremental difference in value (new assessed value – base year value) is $5,000. Taxes collected on the property will be split among the city, county and CRA according to these differences in value with the CRA receiving all taxes assessed on the incremental increase of $5,000. Revenues generated by improvements in the CRA districts are to be reinvested in the district to continue to spur redevelopment.

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1. What is a Community Redevelopment Area or District?
2. What is a Community Redevelopment Agency?
3. Why create a CRA?
4. When and where does the Cocoa Beach ’s Community Redevelopment Area Board meet?
5. Where is Cocoa Beach’s Community Redevelopment Area or CRA district?
6. What is a Community Redevelopment Plan?
7. What are Community Redevelopment Trust Funds, Tax Increments, and Tax Increment Financing (TIF)?