Available data show significant disparities in the amount of tax increment financing (TIF) revenuecaptured by different SmartZones across Michigan. For SmartZones located in robust and historicallyresilient real estate markets, TIF has been a multimillion-dollar boon to their budgets. Between 2003 and2018, for example, the Ann Arbor/Ypsilanti SmartZone captured more than $20 million in TIF revenue,with projections of an additional $66 million to be captured between 2018 and 2033. For SmartZones inplaces hit harder by the Great Recession or other macroeconomic factors, TIF revenue has been muchlower or, in some cases, nonexistent where property values have fallen below the SmartZone’s basetaxable value.Decreased TIF revenue means less money available for investment in technology-based economicdevelopment, which can slow revitalization efforts and make private investment less attractive. Theabsence of improvements in the SmartZone may contribute to stagnation or further decline in propertyvalues, reducing the revenue generated from property taxes and perpetuating low TIF revenue for theSmartZone. This downward spiral—mostly outside the control of SmartZone leaders—calls into questionthe fairness and effectiveness of tax increment financing as the principal mechanism for fundingMichigan’s SmartZone network.