AB575: Bill Text

LRB-0818/2

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2015 - 2016 LEGISLATURE

2015 Assembly BILL 575

December 7, 2015 - Introduced by Representatives Kerkman, Ballweg, Billings, E. Brooks, R. Brooks, Doyle, Jacque, Kahl, Kremer, Murtha, Petryk, Subeck, Weatherston and Bernier, cosponsored by Senators Olsen, Ringhand and Wanggaard. Referred to Committee on Urban and Local Affairs.

AB575,1,2 An Act to create 70.57 (1b) of the statutes; relating to: determining equalized property values.

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 and, on August 15, notifies each county and taxation district of that value. 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, generally, 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.

Under this bill, on or before August 1, DOR must publish on its Internet site for each county and taxation district a preliminary determination of its equalized value. If a county or taxation district discovers an error in DOR's determination that would result in the overvaluation or undervaluation of the property located in the county or taxation district, the county or taxation district must notify DOR of the error no later than August 7. Under the bill, DOR must correct any such error so that the equalized value determination that is submitted to the county or taxation district on August 15 is correct.

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:

AB575,1 Section 1. 70.57 (1b) of the statutes is created to read:

AB575,2,16 70.57 (1b) On or before August 1 of each year, the department of revenue shall publish on its Internet site for each county and taxation district a preliminary determination of its equalized value, tax incremental finance district values as provided under s. 66.1105 (5) (g) and (6), and net new construction value as provided under ss. 66.0602 and 79.05. If a county or taxation district discovers a clerical, arithmetic, transpositional, or similar error in the department's determination that would result in the overvaluation or undervaluation of the property located in the county or taxation district, the county or taxation district shall notify the department of the error no later than August 7. The department shall correct, as provided in sub. (1) (d), any error reported and verified by the department under this subsection that results in an overvaluation or undervaluation of the property located in the taxation district greater than 2 percent. The correction shall be reflected in the equalized value provided to the county or taxation district under sub. (1m), except that amended assessment reports filed after the 2nd Monday in June shall not be subject to correction by the department as provided in this subsection.

AB575,2 Section 2. Initial applicability.

AB575,2,18 (1) This act first applies to the equalized values as of January 1, 2016.

AB575,2,19 (End)