USH 12 Middleton Bypass | Middleton, WI

Town TIF Comes to Wisconsin

Dave Rasmussen | with 0 Comments

Town TIF Comes to Wisconsin

Communities want to grow their economies and create jobs. This is not any easy task, however. Municipalities in Wisconsin have long relied on Tax Increment Financing (TIF) as their primary tool in the economic development toolbox. As of last month, Gov. Scott Walker signed a bill stating the TIF tool is now being expanded to an additional 41 urban towns in Wisconsin.
TIF works by segregating tax dollars to pay for infrastructure improvements. It begins with the creation of a Tax Increment District (TID).
  • The new law will apply to towns that meet the following three criteria:
  • The town has a population of at least 3,500.
  • The town has a total assessed value of $500 million.
  • The town has sewer and water infrastructure.
Here are some short- and long-term benefits of TIF:
  • Provides development incentives, requiring no tax increases
  • Leverages economic revitalization
  • Develops or redevelops property
  • Enhances conservation, preservation and rehabilitation efforts
  • Benefits other taxing bodies
  • Creates jobs and job retention
I believe the addition of TIFs in towns throughout Wisconsin will help our communities in terms of their economic development. I’m anxious to see how our towns grow as a result!

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