Hobart sees boon with increase in taxable values
By Ben Rodgers
HOBART – The village of Hobart is booming.
At the Tuesday, Aug. 21, village board meeting, Aaron Kramer village administrator, informed the board that the preliminary taxable values from the Wisconsin Department of Revenue show the most growth in the past decade.
“We realized a 10 percent increase in our equalized value in the past year,” Kramer said.
Preliminary estimates show the village added $79 million in taxable value, with the largest increases in residential ($56 million) and commercial ($23.8 million) property value.
Both of the village’s tax incremental financing districts showed growth as well. TID No. 1 went up $33 million, or 24 percent, and TID No. 2 increased $13 million, or 35 percent.
However, new values in the TIDs doesn’t equate to property tax savings, as those dollars are used to improve the TIDs until they are released onto the general tax roll.
Outside of the TIDs, Hobart saw an increase of $32 million, mostly due to residential construction.
“That bodes well for us going into budget 2019,” Kramer said. “That means if you freeze your mill rate you have $32 million of extra growth.”
Kramer said the goal going into the next budget will be to keep the mill rate frozen, so increases in tax revenue would be due to an increase in property value, not due to an increase in the mill rate.
The board also had the required votes needed to amend the 2018 budget – something Kramer said will curry favor with financial service agencies when the village looks for lower borrowing rates in the future.
He said revenues are up so far this budget year by $138,000, with the biggest impacts coming from a transportation grant for $34,000, a police grant for $31,000, additional building permits close to $40,000, and interest on investments bringing in an additional $15,000.
At the same time, projected expenditures are expected to remain flat.
With the approved amended budget, the village contingency fund will also increase from $70,000 to $100,000.
In other news, the board agreed to hold a second and final reading of a resolution to lower the speed limit to 35 mph on Trout Creek Road between County Trunk J and North Overland Road at the Sept. 18 meeting.
The board also approved a certified zoning map to subdivide one 1.41 acre parcel into two separate parcels on Arapahoe Trail.
Coming out of closed session, the board also announced the hire of Todd Gerbers, effective Sept. 5, as director of planning and code compliance.
Gerbers will be paid a base salary of $80,000 through the end of the year, with an increase to $82,500 effective Jan. 1, 2019.
Gerbers is currently building inspector/zoning administrator for the village of Ashwaubenon.
Also, after closed session, the board approved a promissory note between the village and Centennial Centre Partners LLC.
The village will lend the developers $150,000 from TID No. 1 to assist in the financing of the new apartment building currently under construction at Hobart Crossing.
The developers are required to pay the loan back within 10 years with interest.