Departments » Economic Development

Tax Increment Reinvestment Zone (TIRZ)

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Tax Increment Reinvestment Zones (TIRZ) are an economic development tool that captures the projected increase in tax revenue that is created by development within a defined area and reinvests those funds into public improvements and development projects that benefit the zone, typically up to 30 years. New incremental taxes generated by the project are deposited into a special TIRZ account known as the Tax Increment Fund (TIF), which is used to fund the improvements within the Zone.

 

 

 

 

 

TIF projects can be used to pay for, but not limited to:                      
1. roads, sidewalks and other public infrastructure;
2. demolition;
3. building facade preservation;
4. remediation of contamination;
5. affordable housing;
6. railroad and transit facilities;
7. public buildings; and
8. school buildings

The City of Laredo currently has 2 active Tax Increment Reinvestment Zones:

  1. TIRZ No. 1 - Downtown Laredo
  2. TIRZ No. 2 - The Coves at Winfield

TIRZ No. 1 - Downtown Laredo
TIRZ No. 2 - The Coves at Winfield