Assembly passes property tax relief bill, Gov. Walker to sign
MADISON (WITI) — The state Assembly on Thursday, October 17th passed a bill that will lead to $100 million in property tax relief for Wisconsin.
The bill was passed earlier this week by the state Senate.
“That’s 100 million dollars for working families, senior citizens, farmers and small business owners all across the state. The taxpayers of this state helped us create the surplus. It’s only right that we draw down their property taxes in that regard,” Gov. Walker said.
Gov. Walker says the relief will mark the third consecutive year the average homeowner sees a reduction. Throughout the next two years, Gov. Walker says those homeowners will see a total savings of about $250.
However, a representative from the Legislative Fiscal Bureau in Madison says based on a $148,000 home, most taxpayers will only see $13 in relief during the first year.
The money will be funneled to municipalities through school districts over the next two years.
Bob Larson is the president elect of the Greater Milwaukee Association of Realtors. He says if there was an announcement of no property tax increase, it would be newsworthy. The fact that homeowners will be getting money back is a big deal.
Gov. Walker released the following statement Thursday, following the Assembly’s approval of the bill:
“It is outstanding to see Republicans and Democrats in the Assembly come together, like their colleagues in the Senate, to pass meaningful property tax relief for Wisconsin families, farmers, seniors, and small businesses. I thank Majority Leader Scott Fitzgerald and Speaker Robin Vos for their swift action to pass our $100 million property tax cut. I will quickly sign this legislation, so it will be reflected on tax bills in December.”