Relating to: levy increase limits in political subdivisions with qualifying parking lot redevelopment. (FE)

SB 944 adjusts how property tax limits are calculated for cities and towns (political subdivisions) that redevelop parking lots into new commercial, residential, or mixed-use buildings. Specifically, it adds 1.5 times the value increase from qualifying parking lot redevelopment to the annual development percentage used in tax levy calculations. Qualifying redevelopment requires at least 40% of the parcel area to have been paved parking in the prior year. This change applies to all political subdivisions with qualifying projects but specifically includes tax increment districts in Evansville and Stevens Point, plus new districts after 2024. The bill aims to account for redevelopment value in tax levy limits without increasing the overall tax burden.