The City of Sheboygan has publicly addressed concerns raised by citizens regarding Tax Incremental Districts (TIDs).
In this announcement, the City explains that correspondence sent to them contained many points of misunderstanding and wanted to set the record straight.
Many of these items involved TID 25 at the site of the former Memorial Hospital, which has had portions of it change ownership.
The City stated that it is aware of this and that it changes no part of the TID 25 development agreement.
Another concern raised by residents included how TIDs with zero base value affect tax funding for schools and other taxing jurisdictions.
The City states, “When tax-exempt land is included in a TID, the base value begins at zero because the property was not generating tax revenue. State law protects the base value as development occurs, ensuring that taxing jurisdictions remain whole.”
These answers are just a few of multiple clarifications the City has given regarding its financial ideas and TIDs.
The complete response from the City can be found on the City of Sheboygan Facebook page.
