Bills passed by Assembly could shift property tax burden

The Wisconsin Assembly passed a package of bills that the Madison assessor warned could shift property taxes from businesses to homeowners, according to a report from the Wisconsin State Journal. Republicans and building and real estate industry representatives have touted the bills as a way to create more affordable housing for workers, reduce regulations, and reform outdated practices. They also say it’s a way to make the state more attractive to younger workers. The concerns by the Madison assessor and other local government officials say the measures could shift taxes paid by commercial property owners onto residential property owners because of limits to information assessors can use when determining the value of a property. The potential increase could be $2,000 per residential property. As defined in the bills, affordable housing is a place to live that costs a household no more than 30% of their gross annual income on rent or mortgage, and the housing is meant for people with an income no greater than 120% of the area median. The bills now head to the state Senate.