This bill creates a state income tax credit for property taxes paid by senior citizens aged 65 and older who own and live in their principal dwelling. The credit allows eligible claimants to offset 75% of their annual property taxes against their state income tax liability, with any unused portion potentially refunded through a state appropriation. To qualify, a household's income must be under $24,500 and the home's assessed value must be below $300,000, while also excluding those who already receive other property tax credits or live in leased properties. The legislation also establishes administrative procedures for claiming the credit through state tax forms and limits eligibility to Wisconsin residents who file by the standard deadline.
This bill modifies property tax exemptions for nonprofit organizations that sell homes to low-income buyers. It allows nonprofits to qualify for tax breaks only if they either offer zero-interest loans or restrict sales to households earning less than 120 percent of the area median income. The changes apply to property tax assessments starting January 1, 2026, and affect nonprofits that rehabilitate, redevelop, or construct housing for low-income residents. The legislation removes a previous provision that allowed broader exemptions without income restrictions.
This bill modifies Wisconsin's property tax deferral loan program to increase the maximum loan amount from $3,525 to $5,000 annually. It also establishes an annual adjustment mechanism that ties the loan limit to changes in the consumer price index, ensuring the amount keeps pace with inflation. The legislation applies these changes to loans where applications are filed after the bill's effective date. Additionally, the bill allows the Wisconsin Housing and Economic Development Authority to use up to 5 percent of allocated funds for marketing the program. Eligible participants must still meet existing income requirements, earning no more than $20,000 or 80 percent of the area median income.
SB 944 adjusts how property tax limits are calculated for cities and towns (political subdivisions) that redevelop parking lots into new commercial, residential, or mixed-use buildings. Specifically, it adds 1.5 times the value increase from qualifying parking lot redevelopment to the annual development percentage used in tax levy calculations. Qualifying redevelopment requires at least 40% of the parcel area to have been paved parking in the prior year. This change applies to all political subdivisions with qualifying projects but specifically includes tax increment districts in Evansville and Stevens Point, plus new districts after 2024. The bill aims to account for redevelopment value in tax levy limits without increasing the overall tax burden.
SB 942 amends state tax statutes to clarify how the low-income housing tax credit is claimed by entities and their members. It specifies that partnerships, limited liability companies, and tax-option corporations cannot claim the credit directly, but their individual partners, members, or shareholders may claim it based on the entity’s eligible costs. The bill requires entities to calculate and distribute credit amounts to members and mandates that individuals claiming credit under written agreements must submit those agreements with tax returns. It also adds a specific provision allowing insurers (as shareholders) to claim the credit based on costs incurred by the entity they are part of. This bill directly affects housing developers, investors, and insurers involved in low-income housing projects financed with tax-exempt bonds.
AB 1090 establishes a statewide policy to prevent and end homelessness, requiring specific strategies for older adults. It creates a property tax credit for Wisconsin seniors aged 65 or older who own their primary home, allowing them to claim a credit equal to the increase in their annual property taxes compared to the previous year. The credit is funded through a state appropriation, with eligibility limited to full-time homeowners who file tax claims, excluding part-year residents and nonresidents. The bill also amends statutes to integrate this credit into the state’s tax code under section 71.07(8d).
SB 1048 modifies property tax exemption rules for nonprofit organizations (501(c)(3) status) that sell properties to low-income households. It requires nonprofits to hold property for rehabilitation, redevelopment, or new construction specifically for sale to buyers with income below 120% of the area median income (using federal standards). The bill removes a previous requirement for nonprofits to offer interest-free loans to buyers and updates the income threshold for eligibility. This exemption applies to property tax assessments starting January 1, 2026, directly affecting nonprofits developing affordable housing for qualifying buyers.
AB 986 modifies property tax valuation rules for local governments (like cities and towns) that build qualifying infill housing projects. It defines "qualifying infill housing" as projects adding 2-6 new homes on older residential parcels (with 90% of the area developed for 10+ years), using existing infrastructure, and increasing total units. The bill changes how new construction value affects annual tax levy limits by including 90% of new property value in tax incremental districts (TIDs) and excluding removed improvements from these calculations. This adjustment aims to ease tax levy constraints for municipalities developing such housing without altering tax rates themselves.
AB 976 clarifies how tax credits for low-income housing projects are claimed by business entities. It modifies rules so partnerships, limited liability companies, and tax-option corporations cannot claim the credit directly; instead, their members or shareholders (including insurers who are part of such entities) may claim it based on the entity's eligible costs. The bill requires entities to calculate and distribute credit amounts to members/shareholders, with specific allocation rules for ownership interests or written agreements. It directly affects housing developers, investors, and insurers involved in low-income housing projects financed through tax-exempt bonds in the state. The changes standardize credit allocation across multiple tax code sections without altering eligibility or credit amounts.
AB 708 extends the lifespan of tax incremental districts (TIDs) used for housing improvements by up to three years after a city pays off project costs. It directly affects cities that have established TIDs for housing development, allowing them to continue using tax increment financing beyond the district's original expiration. The bill requires cities to submit extension resolutions to the Department of Revenue and obtain joint review board approval for extensions longer than one year. This change aims to provide more flexibility for cities to complete housing projects without losing access to dedicated funding streams.
