Wisconsinites just got some bad news to end 2023: overall state property taxes are expected to increase by the largest amount since 2007. How the heck did that happen?
Here’s Five Fast Facts About the State Property Tax Increase:
- 📈 Bling - Property taxes are expected to increase by 4.7%. Property taxes for school districts are also expected to grow by more than 5% due to a state-approved $325-per-pupil increase to school districts’ revenue limits.
- 🏡 Equal - Don’t let sticker shock fool you, however. The increases are actually in line with what we’ve experienced in recent years. The counties will increase their gross property taxes by 2.6% this year. Last year it was a 3.2% increase. So more increases but a little less than before.
- 🗺️ Count on Counties - Property tax bills will vary across the state. For example, Dane county will raise its taxes by 13% and Milwaukee is cutting property tax by 6.8%.
- 🏫 The Upside - There is some good news, however. The state budget added two tax credits that should offset the increase by lowering the net amount owed by homeowners. These credits are the school levy tax credit which has been bumped by $225M and the state lottery tax credit which also got a $15.9M boost.
- ⛰️ Money Mountain - Confused? It gets even crazier since the state is projected to have a $6B budget surplus by June 2025. Lawmakers are still fighting over what to do with it. (Maybe less taxes? IDK…)
🔥Bottom line: Death and taxes, am I right? There’s a concerning trend here, with tax increases but also a massive surplus that continues to grow. No amount of tax credits can cover up that part. It may be a sign that it’s time to overhaul our state’s tax system.
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