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City says TID portfolios remain healthy despite drop from personal property tax change
Summary
Finance Director told the committee the city's Tax Incremental Districts are generally healthy under a pay-as-you-go structure, and that a major recent valuation drop reflected the 2024 removal of personal property from taxation.
The Finance Director reviewed the tax incremental district (TID) annual reports and said the city’s TIDs are “very healthy,” attributing stability to the city’s pay-as-you-go financing structure that limits expenditures until development occurs.
He explained some year-over-year declines in equalized value (not assessed value) reflect policy changes: “The one that you probably noticed the most, would have been from '24 to '25 when personal property was no longer taxable,” he said, citing the removal of business personal property from the taxable base as the principal driver of recent declines in TID value. He also noted other factors such as demolition or classification changes could affect values.
Committee members asked whether negative changes in some years reflected demolition, reclassification, or broader trends; the Finance Director confirmed the personal property change was the major factor and offered to provide more detail at the joint review board. The committee did not take formal action beyond accepting the reports as part of the packet.
