How does a TIRZ work?

A base value is determined by the existing taxable value of real property within the TIRZ at the time the TIRZ is created. The taxing entities (i.e. the city, county and school district) continue to receive the base year value of the property taxes throughout the life of the 30-year zone. The increment, the portion of incremental increase in real property tax revenue above the base year resulting from increases in taxable value of property, is captured for the TIRZ.

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1. What is a Tax Increment Reinvestment Zone (TIRZ)
2. How does a TIRZ work?
3. How many TIRZs does the City of McKinney have?