The maximum life and allocation period for Tax Incremental District Number 4 in the city of Antigo. (FE)
Impact
The extension of TID Number 4 would enhance the city's capacity to finance public improvements and stimulate further investment in the area. By extending the life of the TID, the city can continue to collect tax revenues from increased property values resulting from development efforts. This influx of funds is crucial for maintaining and upgrading infrastructure, which can lead to additional economic opportunities and job creation within the community. However, this bill could affect how tax revenues are distributed among local taxing jurisdictions, as it allows for the retention of taxes that would otherwise go to counties or school districts for an extended period.
Summary
Assembly Bill 982 proposes to amend existing legislation regarding Tax Incremental District (TID) Number 4 in the city of Antigo. Specifically, the bill seeks to extend the maximum life and tax allocation period for TID Number 4, increasing it to 29 years after its creation. The TID was initially established in September 1999 and typically would have a termination date of 23 years, given its status as an industrial TID without a finding of blight. By allowing this extension, the bill aims to facilitate continued economic development within the district by enabling the city to allocate tax increments for a longer duration.
Contention
Discussion surrounding AB982 may highlight a divergence of opinions regarding the implications of extended tax increment financing. Proponents argue that the extended life of TID Number 4 is essential for the city's economic growth and sustainability, allowing for the necessary improvements to infrastructure that can foster further development. Conversely, opponents may raise concerns about the potential for reduced funding for local educational and social services, as tax revenues traditionally allocated to these areas may be deferred. Additionally, critics might argue that extending the life of TIDs can lead to inefficiencies in urban planning and development, potentially benefitting specific interests over the general taxpayer.
Maximum life and allocation period for Tax Incremental District Number 9 in the village of DeForest and the total value of taxable property that may be included in tax incremental financing districts created in the village of DeForest. (FE)
Maximum life and allocation period for Tax Incremental District Number 9 in the village of DeForest and the total value of taxable property that may be included in tax incremental financing districts created in the village of DeForest. (FE)
Limitations on the total value of taxable property that may be included in, and the lifespan of, a tax incremental financing district created in the city of Middleton. (FE)
Limitations on the total value of taxable property that may be included in, and the lifespan of, a tax incremental financing district created in the city of Middleton. (FE)
Tax increment districts, Major 21st Century Manufacturing Zone allowed to be located within a tax increment district without regard to size of district and further provides for use of ad valorem tax revenues collected within a district
Tax increment districts, Major 21st Century Manufacturing Zone allowed to be located within a tax increment district without regard to size of district and further provides for use of ad valorem tax revenues collected within a district