State Senate Approves Tax Relief on bipartisan 28-5 vote
(Wisconsin State Capitol - Madison) – The State Legislature took decisive action this week to approve a $100 million reduction in statewide property taxes, returning surplus tax revenues back to taxpayers. State Senator Sheila Harsdorf (R-River Falls) voted for this tax relief measure and applauded legislators’ ongoing efforts to lower taxes on homeowners and middle-class taxpayers.
“Property taxes continue to be one of the top concerns I hear about from homeowners in our region,” Harsdorf stated. “This property tax relief measure will keep more money in the pockets of families, seniors, and small businesses.”
Following continued positive growth in state revenues and further improvement in state finances, the Governor called a special session of the Legislature this week to consider this tax relief measure. Under the legislation approved by the State Legislature, the statewide school property tax levy will be reduced by $100 million.
“Approving $100 million in property tax relief once again demonstrates the Legislature’s commitment to lowering the tax burden on Wisconsin taxpayers,” continued Harsdorf. “I am pleased with our prompt action to pass growth in revenues back to our residents.”
With the Legislature’s actions, it is anticipated that the property tax bill on a median-valued home in Wisconsin will fall for the third consecutive year. This is in contrast to the 27% increase in property taxes in the decade prior to 2011. The $100 million in new property tax relief builds upon the property tax limits enacted as part of the state budget bill, as well as the $650 million in income tax cuts passed by the State Legislature that focused on reductions in middle-class tax rates.
Recent updated budget figures show that the state ended the 2012-13 fiscal year with a $760 million budget surplus. Revenue growth in excess of estimated collections allowed for a $153 million deposit into the state’s rainy day fund, the largest in the state’s history.