Assembly Bill 737 proposes amendments to the statutes regarding the creation and operation of neighborhood improvement districts (NIDs) in Wisconsin. The bill allows municipalities to establish NIDs that can impose special charges on properties within the district, provided that all property owners in the proposed NID petition for its creation. The proceeds from these special charges are designated specifically for funding infrastructure related to residential development within the NID. Additionally, the bill stipulates that these special charges can be collected in installments and included on property tax bills, enhancing the financial flexibility for municipalities and property owners.

Furthermore, the bill modifies the requirements for real estate condition reports by mandating that property owners disclose any awareness of NID special charges, in addition to existing requirements regarding pending special assessments. This change aims to ensure prospective buyers are fully informed about any financial obligations associated with properties in NIDs. The bill includes new legal language to establish the framework for these changes, specifically in sections 66.1110 and 709.03, while also creating new forms for reporting purposes.