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Sister Bay property values up sharply

The assessed value of property within the Village of Sister Bay jumped from $422 million to $458 million in a year. Those details were announced Wednesday afternoon at a joint Finance and Personnel Committee meeting. The 8.5% increase in taxable value is offset by a proposed increase in the village government budget for 2021, says Administrator Beau Bernhoft.

 


Additionally, Bernhoft and Finance Director Tasha Rass updated the committees on the tax incremental district, or TID. Over $40 million is expected to be generated in 2021. The TID helps finance public works projects internally at the village level and is covered by tax income generated from all properties within its region. Being able to cover the debt service from the internal loans gives Sister Bay flexibility for larger-scale initiatives that could require the village to issue bonds, says Bernhoft. 

 

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