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tax increment reinvestment zone. which pretty much means that developers don't have to pay certain taxes on properties within the established zone.
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Not quite. The property does pay taxes but is "reinvested" into that specific area and as more new development is built, the property appraisals go up but the taxes are again reinvested into the area to help pay for improvements, projects and such. That's why it's called a Tax Increment Reinvestment Zone.