Tom grew up in Milwaukee, bartended in Wauwatosa in the '70s and moved here in 1984.
Commentary, observations and musings about the outdoors, life in general and maybe Tosa politics and personalities will be the order of the day. He savors a lively debate as much as terrific cooking.
Keep your damn gubmint hands off my healthcare!
I am acquainted with this curmudgeon who has been the beneficiary of Medicare's munificence for a couple of decades. Why he castigates me like this when I'm in his presence is beyond me. I'm not associated with the government. Moreover, no amount of education or cajoling may ever convince my curmudgeon friend that the damn gubmint is his healthcare. Go figure.
There is a similar phenomenon associated with TIFs. Some people - for whatever reason - have a preconceived notion that: TIFs are bad policy, TIFs are corporate welfare or TIFs are a burden on the ordinary taxpayer. I would like to take the opportunity to make what can be an unnecessarily complicated topic simple to understand.
In basic terms TIF is a loan taken out by a municipality and paid back from the increase in property taxes on the development in which the loan was invested.
Let's say a property has an assessed value of $500,000 and a $1,000,000 TIF is provided that results in the assessed value increasing to $10,500,000. The increase in assessed value of $10,000,000 will result in $250,000 per year of additional property taxes. The TIF of $1,000,000 - plus the interest - would be paid-back in four to five years. In the near-term the ordinary taxpayer is not hurt because only the development's property taxes pay-off the TIF. In the long run the taxpayer benefits because once the loan is paid-off and the TID (Tax Incremental District) is closed there is an additional $250,000 of annual revenue in the property tax pool.
TIFs help increase property tax revenues without having to raise property taxes on ordinary homeowners.
Tosa has a remarkable track record of using this useful tool from the municipal tool box.
Milwaukee County Research Park (TID #2) had a base value of $4,374,800 in 1995. By the close of last year the total value of the Tax Incremental District was approximately $212,700,000.
In 2010 - TID #6 - UWM Innovation Campus - had a base value of zero. In 2012 the the district had an assessed value of approximately $13,550,000. Add the Accelerator and ABB building and the value will be upwards of $33,000,000.
The return on active TIDs for our neighbors is as follows: Brookfield (+53%), Franklin (+71%), Greenfield (+9%), Menomonee Falls (+79%), Milwaukee (+146%), Waukesha (+109%) and West Allis (+212%).
Broadening the tax base and providing relief to ordinary taxpayers.