Due to an accounting error that has misrepresented the value of the village’s business district, village property taxes could increase in 2012 by 5.8 per cent.
According to Shorewood Village (Wisconsin, United States) officials, the Tax Incremental Financing District No. 1 that blankets much of the business district was recorded and published as $76.7 million too high by the Department of Revenue. This was where the error occurred.
Since the value of the village was erroneous, and that its value must be based on the total equalized value of property in Sherwood published by the Department of Revenue, its property taxes could be artificially high too next year.