A tale of two TIFs in Wausau and Weston

Wausau is closing one of its districts while Weston could be closing one of its as well; but the latter is more complicated

A chief complaint that led to the formation of the county’s tax increment finance task force is that districts never seem to close.

But lately, that trend has been reversing. Wausau leaders voted to close its District No. 7 this coming year, rather than keeping it open one more year in order to take advantage of the rules that allow municipalities use some of that increment toward funding affordable housing.

The vote was narrow, with the mayor breaking the tie.

And Weston could decide this year to close its largest TIF District as well. But as we will see, the situation is a little more complicated.

Wausau’s TIF District No. 7

Wausau is about the close TIF District No. 7 after the district had the second-highest growth of any of the city’s seven districts. Only District No. 22 had higher growth.

That’s good news for Wausau taxpayers since the district will close this year. Once a district closes, those properties go back to paying taxes as they normally would have. District No. 7 was created in 2006, which means the city and other taxing jurisdictions received tax payments as if it were still that year, while the remainder went toward the district.

And that will be good for taxpayers.