Tax Increment Districts
The City of Watertown has five active Tax Incremental Financing Districts.
TIF District # 4
The City created Tax Incremental Financing District #4 (TID 4) in 2005. In the original 2005 Project Plan, the base value of the TIF District was listed as $1,047,600. As recently as 2020, the District had added $41,843,800 in increment value. TID #4 is anticipated to close in 2025.
TIF District # 5
The City created Tax Incremental Financing District #5 (TID 5) in 2005. In the original 2005 Project Plan, the base value of the TIF District was listed as $39,631,000. As recently as 2020, the District had added $22,885,800, added dozens of senior and workforce housing units, extended the Riverwalk, added public spaces, and eliminated blight. View the full project plan at the following link:
TIF District # 7
The City created Tax Incremental Financing District #7 (TID 7) in 2016. At the time of developing the Project Plan, the base value of the TIF District was listed as $42,443,600. As recently as 2020, the District had added $3,082,000 in increment value. The full project plan can be found at the following link:
TIF District # 8
The City created Tax Incremental Financing District #8 (TID 8) in 2021. In the Project Plan, the base value of the TIF District was listed as $12,736,900. The initial estimate of proposed project costs over the Districts 22-year expenditure period is $39,474,058 with an anticipated value increase of $78,785,841. View the full project plan at the following link:
TIF District # 9 (proposed)
Tax Incremental Financing District #9 (TID 9) is a proposed new TID that will take effect in 2025. This TID is being created to support the construction of new apartment buildings on the former Bethesda property, to the south of the new Tom and Mary Schultz Family YMCA. The proposed project plan can be viewed at the following link: