WI SB944

Modifies the "valuation factor" used to calculate local property tax levy limits by adding a 1.5x multiplier for increases in equalized value from qualifying parking lot redevelopment projects

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

Creates an incentive for municipalities to encourage redevelopment of surface parking lots into higher-density uses by allowing greater levy increases when such projects occur

Maintains existing provisions for tax incremental districts created after December 31, 2024, and specific TIDs in Evansville and Stevens Point, which include 90% of equalized value increases from new construction

Takes effect on January 1 following publication