Kingsport Tax Increment Financing
Kingsport uses tax increment financing to support qualifying redevelopment and economic development projects with public benefit.
About this program
Kingsport's Tax Increment Financing program can support redevelopment and economic development projects where projected increases in property tax revenue help pay for eligible project costs or public improvements. The tool is used for projects that advance local economic development goals, stimulate private investment, address redevelopment needs, and provide a documented public benefit. Assistance requires review and approval through the local economic development and public approval process.
Eligibility
Developers, businesses, property owners, and project sponsors with qualifying redevelopment or economic development projects in Kingsport may seek TIF consideration.
Requirements
- Project must be located in Kingsport and meet local TIF eligibility and public benefit standards.
- Applicant must demonstrate the need for TIF assistance and the expected increase in property tax value.
- Applicant must provide project scope, budget, financing plan, timeline, and economic impact information.