LRB-3036/1
JK:jld:jf
2011 - 2012 LEGISLATURE
October 6, 2011 - Introduced by Senator Vinehout, cosponsored by Representative
Radcliffe. Referred to Committee on Public Health, Human Services, and
Revenue.
SB221,1,2
1An Act relating to: correcting the 2011 equalized valuation for the village of
2Warrens.
Analysis by the Legislative Reference Bureau
Under current law, annually, the Department of Revenue (DOR) determines
the full value of the property of each county and taxation district. This property
valuation is known as "equalized value." DOR determines the equalized value of all
property in the state to ensure, generally, that the property is being assessed at its
full value. If DOR makes an error in determining the equalized value of the property
of any county or taxation district, DOR corrects the error by adjusting the county's
or taxation district's equalized value in the year after the year in which DOR made
the error.
In 2011, DOR undervalued a tax increment district in the village of Warrens by
$4,708,700. This bill requires that, no later than November 30, 2011, DOR correct
the 2011 equalized value determined for the village of Warrens.
For further information see the state and local fiscal estimate, which will be
printed as an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB221,2,7
1(1)
Village of Warrens equalized value. Notwithstanding section 70.57 (1)
2(d) and (4) of the statutes, the department of revenue shall, no later than November
330, 2011, correct the equalized valuation of the property of the village of Warrens, as
4determined under section 70.57 of the statutes, for 2011 and shall apportion county,
5school district, technical college district, and protection and rehabilitation district
6taxes, and state forestation taxes under section 70.58 of the statutes, to the village
7using the village's correct valuation.
