Bill Would Make Cut To ‘Personal Property Tax’

A proposed bill in the Legislature would cut taxes on certain business equipment and machinery.

The “personal property tax” generates hundreds of millions of dollars. If it goes away, some worry the burden will be passed to homeowners.

The bill’s authors are looking for co-sponsors. If it makes it through the Legislature as written, the Wisconsin Realtors Association said there will be no alternative revenue source to make up the difference. It generates $270 million a year.

“We’re worried because it creates a shift onto homeowners,” said Tom Larson, the group’s vice president of legal affairs. He said the tax revenue is generally paid to local governments, who may then pass the bill to homeowners.

“That’s estimated to be an increase of about $80 for the average homeowner,” said Larson.

One of the bill’s authors is State Sen. Tom Tiffany, R-Hazelhurst. He said the personal property tax is “burdensome” and “inefficient” because of the amount of work to collect it compared to the money it brings in.