Tax Increment Districts
Tax Increment Districts or Tax Increment Financing (TIF) Districts are an economic tool approved by the State of Wisconsin. TIF funds originate from the tax money generated from an improvement or development greater than the tax generated by the site before the improvement or development. This tax increment money is then allocated to the Village for its use in making street, water, and sewer improvements in the District during the life of the District. At the end of the TIF term, all of the taxes will again be paid to the regular taxing bodies but at a much higher assessed valuation than would have been possible without the TIF.
Corporate Income Tax
Wisconsin’s Corporate Income Tax flat rate is 7.9%
Wisconsin property tax state average is 2.216%
Prentice property tax rate is only $24.08 per $1000 of assessed value
Computers and related equipment, manufacturing machinery and equipment, manufacturing inventories, merchant’s inventories, pollution controls equipment are all exempt from property tax.
Sales and Use Tax
Wisconsin’s sales tax rate is 5%
Price County sales tax rate is 0.5%
Total Sales Tax rate for businesses located in the Prentice Industrial Parks: 5.5%
Visit the Forward Wisconsin website at http://www.forwardwi.com for additional state cost comparison information
Wisconsin new employers (first two years) with payroll greater than $500,000 is 3.25%
Wisconsin has reduced workers compensation rates six out of the past seven years and offers some of the lowest rates in the nation.
Wisconsin average for manufacturers=$4.43 per $100 payroll