In short, BIDs can’t levy any property tax on property-tax exempt properties. You are, however, a recipient of the benefits of being within the BID.
Show All Answers
Let's say you own a historical building on Main Street in Stevens Point. Your building is well-maintained and the City has assessed your property at $200,000. Every year, you pay about $4,976.00 in property taxes (this includes the City, County, School District, and Technical College property tax levy). When a BID is established, the BID Board is able to levy additional money on your property for the purposes described above. For example, if the BID were to levy $1.00 per $1,000 for BID purposes, your property taxes would increase by $200. In return, the BID provides the following (for example):
Several BIDs in Wisconsin hire part-time or full-time BID managers to assist with the above examples.
Money that is levied for the purposes of the BID MUST be utilized in the BID. The City would be the "caretaker" of the funds and would assist in the management and disbursement of those funds consistent with the BID Board of Director’s directive.
Some examples: the City of Wausau’s River District/Downtown BID, City of Eau Claire’s Water Street BID, City of Green Bay On Broadway BID, and the City of Milwaukee Historic Third Ward BID. More successful examples can be found on the UW-Extension website.
You can contact Ryan Kernosky, Director of Community Development for the City of Stevens Point at 715-346-1567 or email him at email@example.com.