WI AB985

Modifies how Wisconsin political subdivisions calculate their property tax levy increase limits (valuation factor) to incentivize parking lot redevelopment

Defines "qualifying parking lot redevelopment" as construction of commercial, multifamily residential, or mixed-use buildings on parcels where at least 40% of the area was previously paved surface parking

Increases in equalized value from qualifying parking lot redevelopment are multiplied by 1.5 when calculating the annual development percentage, allowing municipalities greater levy capacity

Maintains existing rules for tax incremental districts created after December 31, 2024 (including specific TIDs in Evansville and Stevens Point), which count 90% of new construction value

Takes effect on January 1 following publication