BELOIT—The City of Beloit may soon be poised to lower tax rates for residents, while still being able to offer incentives enticing developers and businesses to the area with the anticipated closure of multiple tax increment financing districts next year, according to City Finance Director Eric Miller.
In a presentation to the Beloit City Council, Miller informed councilors that due to debt service payments and financial restructuring, the city is anticipating closing five Tax Increment Districts (TID) by April of 2022.
