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Council hears how Wisconsin Act 12 changes TID benefits and could affect future developments
Summary
Finance staff outlined how changes from Wisconsin Act 12 will reduce levy-limit benefits for tax incremental districts created after Oct. 1, 2024, and advised the council that multiple developers may request TIF assistance for upcoming projects.
City finance staff briefed Franklin City Council on state-level changes under Wisconsin Act 12 and how the changes could alter incentives for developers seeking TIF assistance.
Danielle, director of finance, told the council that Wisconsin Act 12, enacted in 2023, eliminated the personal property tax and provided supplemental state aid, but also changed the tax incremental district (TID) rules effective Oct. 1, 2024. She said TIDs created before Oct. 1, 2024, (for Franklin those are TID 5 through TID 9) are unaffected and will continue to generate levy limit increases equal to 100 percent of net new construction. By contrast,…
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