Budget for Website - Flipbook - Page 51
Payment in Lieu of Taxes (PILT)
Payment in Lieu of Taxes (PILT) is revenue received by a local government from an entity that
is exempt from paying property taxes - such as a government agency, nonprofit organization,
or utility - to help offset the cost of public services. PILT payments are intended to partially
replace the property tax revenue that would otherwise be collected if the property were
taxable
Tax Abatements and Tax Capture for Fiscal Year 2026/27
The city has been very conservative in granting tax abatements. The total value of abatements
granted is less than 1% of the total SEV of the City. Under the statute, the city could grant
abatements up to 5% of the City SEV. Due to the conservative strategy, there will be $0.00
granted in tax abatements.
For the 2026 tax year the DDA will capture revenue on $73,160,569 in taxable value for parcels
in the DDA district. Total captured taxes have increased from $599,745 in the 1998/99 fiscal
year to an anticipated high of $1,685,866 for FY 2026/27. Please see a summary for the last 5
fiscal years.
DDA Capture as of
06/30/2026
Fiscal Year
2022
2023
2024
2025
2026**
Actual Capture
$1,099,265
$1,146,946
$121,022
$1,301,771
$1,349,374
** 2025-2026 Unaudited
For the 2026 tax year the BRA will capture revenue on $31,713,637 in taxable value for parcels
within the BRA. Total captured taxes have increased from $599,745 in the 1998/99 fiscal year
to an anticipated high of $851,375 for FY 2026/27. Please see a summary for the last 5 fiscal
years.
Brownfield Capture as of
06/30/2026
Fiscal Year
2022
2023
2024
2025
2026**
Actual Capture
$165,922
$356,316
$566,090
$603,203
$708,742
** 2025-2026 Unaudited
City of Plymouth 2026/27 Budget
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