Katherine Gregor makes several good points, but this one deserves emphasizing:
Of course, exempting TIFs from Prop. 2 doesn't make much sense.
Tax increment financing allows the city to contribute new increments of property-tax revenue (and by more recent state law, sales-tax revenues) to help pay for the infrastructure needed by a development.
If a property that used to yield $1 million in tax revenues now yields $3 million, due to redevelopment, the extra $2 million is "tiffed"...
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