Amendment ASA1-AB460

AB460-ASA1,7,22 70.995 (12) (a) The department of revenue shall prescribe a standard manufacturing property report form that shall be submitted annually for each real estate parcel and each personal property account on or before March 1 by all manufacturers whose property is assessed under this section. The report form shall contain all information deemed necessary by the department and shall include, without limitation, income and operating statements, fixed asset schedules and a report of new construction or demolition. Failure to submit the report shall result in denial of any right of redetermination by the state board of assessors or the tax appeals commission. If any property is omitted or understated in the assessment roll in any of the next 5 previous years, the assessor shall enter the value of the omitted or understated property once for each previous year of the omission or understatement. The assessor shall designate each additional entry as omitted or understated for the year of omission or understatement. The assessor shall affix a just valuation to each entry for a former year as it should have been assessed according to the assessor's best judgment. Taxes shall be apportioned and collected on the tax roll for each entry, on the basis of the net tax rate for the year of the omission, taking into account credits under s. 79.10, and, in the case of omitted property, interest shall be added at the rate of 0.0267% per day for the period of time between the date when the form is required to be submitted and the date when the assessor affixes the just valuation, and, in the case of underpayments determined after an objection under s. 70.995 (8) (d), interest shall be added at the average annual discount interest rate determined by the last auction of 6-month U.S. treasury bills before the objection, between the date when the tax was due and the date when it is paid.

AB460-ASA1, s. 11 Section 11. 70.995 (12) (b) of the statutes is amended to read:

AB460-ASA1,8,2 70.995 (12) (b) The department of revenue shall allow an extension to April 1 of the due date of 30 days for filing the report forms required under par. (a) if a written application for an extension, stating the reason for the request, is filed with the department on or before March 1.

AB460-ASA1, s. 12 Section 12. 70.995 (12) (c) of the statutes is amended to read:

AB460-ASA1,8,20 70.995 (12) (c) Unless the taxpayer shows that the failure is due to reasonable cause, if If a taxpayer fails to file any form required under par. (a) for property that the department of revenue assessed during the previous year by the due date or by any extension of the due date that has been granted, the taxpayer shall pay to the department of revenue a penalty of the greater of $10 or 0.05% of the previous year's full value assessment not to exceed $1,000. If the form required under par. (a) for property that the department of revenue assessed during the previous year is not filed within 30 days after the due date or within 30 days after any extension, the taxpayer shall pay to the department of revenue a 2nd penalty of the greater of $10 or 0.05% of the previous year's full value assessment not to exceed $1,000 $50 if the form is filed 1 to 10 days late; $50 or 0.05% of the previous year's assessment, whichever is greater, but not more than $250, if the form is filed 11 to 30 days late; and $100 or 0.1% of the previous year's assessment, whichever is greater, but not more than $500, if the form is filed more than 30 days late. Penalties are due 30 days after they are assessed and are delinquent if not paid on or before that date. The department may refund all or part of any penalty it assesses under this paragraph if it finds reasonable grounds for late filing.

AB460-ASA1, s. 13 Section 13. 74.23 (1) (a) 5. of the statutes is created to read:

AB460-ASA1,8,23 74.23 (1) (a) 5. Pay to each taxing jurisdiction within the district its proportionate share of the taxes and interest under s. 70.995 (12) (a).

AB460-ASA1, s. 14 Section 14. 74.25 (1) (a) 4m. of the statutes is created to read:

AB460-ASA1,9,2 74.25 (1) (a) 4m. Pay to each taxing jurisdiction within the district its proportionate share of the taxes and interest under s. 70.995 (12) (a).

AB460-ASA1, s. 15 Section 15. 74.30 (1) (dm) of the statutes is created to read:

AB460-ASA1,9,5 74.30 (1) (dm) Pay to each taxing jurisdiction within the district its proportionate share of the taxes and interest under s. 70.995 (12) (a).

AB460-ASA1, s. 16 Section 16. 74.35 (3) (c) of the statutes is amended to read:

AB460-ASA1,9,11 74.35 (3) (c) If the governing body of the taxation district determines that an unlawful tax has been paid and that the claim for recovery of the unlawful tax has complied with all legal requirements, the governing body shall allow the claim. The Except as provided in par. (cm), the taxation district treasurer shall pay the claim not later than 90 days after the claim is allowed.

AB460-ASA1, s. 17 Section 17. 74.35 (3) (cm) of the statutes is created to read:

AB460-ASA1,9,17 74.35 (3) (cm) A municipality may pay a refund under par. (c) of the taxes on property that is assessed under s. 70.995 in 5 annual instalments, each of which except the last is equal to at least 20% of the sum of the refund and the interest on the refund, beginning in the year of the determination, if all of the following conditions exist:

AB460-ASA1,9,19 1. The municipality's property tax levy for its general operations for the year for which the taxes to be refunded are due is less than $100,000,000.

AB460-ASA1,9,21 2. The refund is at least 0.0025 of the municipality's levy for its general operations for the year for which the taxes to be refunded are due.

AB460-ASA1,9,22 3. The refund is more than $10,000.

AB460-ASA1, s. 18 Section 18. 74.37 (3) (c) of the statutes is amended to read:

AB460-ASA1,9,25 74.37 (3) (c) If the governing body of the taxation district or county that has a county assessor system determines that a tax has been paid which was based on an excessive assessment, and that the claim for an excessive assessment has complied with all legal requirements, the governing body shall allow the claim. The Except as provided in par. (cm), the taxation district or county treasurer shall pay the claim not later than 90 days after the claim is allowed.

AB460-ASA1, s. 19 Section 19. 74.37 (3) (cm) of the statutes is created to read:

AB460-ASA1,10,10 74.37 (3) (cm) A municipality may pay a refund under par. (c) of the taxes on property that is assessed under s. 70.995 in 5 annual instalments, each of which except the last is equal to at least 20% of the sum of the refund and interest on the refund, beginning in the year of the determination, if all of the following conditions exist:

AB460-ASA1,10,12 1. The municipality's property tax levy for its general operations for the year for which the taxes to be refunded are due is less than $100,000,000.

AB460-ASA1,10,14 2. The refund is at least 0.0025 of the municipality's levy for its general operations for the year for which the taxes to be refunded are due.

AB460-ASA1,10,15 3. The refund is more than $10,000.

AB460-ASA1, s. 20 Section 20. 74.41 (4) (b) of the statutes is amended to read:

AB460-ASA1,10,23 74.41 (4) (b) Determine the amount of rescinded or refunded taxes and the interest paid on those taxes to taxpayers that are to be charged back to, and collected from, each taxing jurisdiction for which taxes were collected by the taxation district, and determine the amount of taxes collected under s. 74.33 to be shared with each taxing jurisdiction for which taxes were collected by the taxation district. The amount determined may not include any interest, except the interest that has been paid to taxpayers.

AB460-ASA1, s. 21 Section 21. Initial applicability.

AB460-ASA1,11,3 (1) Refunds. The treatment of sections 70.511 (2) (b) and (bm), 74.35 (3) (c) and (cm), 74.37 (3) (c) and (cm) and 74.41 (4) (b) of the statutes first applies to refunds of taxes that were collected based on the assessment as of January 1, 1999.

AB460-ASA1,11,6 (2) Appeals. The treatment of section 70.995 (8) (a) of the statutes first applies to appeals to the tax appeals commission that are filed on the first day of the 3rd month beginning after the effective date of this subsection.

AB460-ASA1,11,9 (3) Settlement of taxes. The treatment of sections 74.23 (1) (a) 5., 74.25 (1) (a) 4m. and 74.30 (1) (dm) of the statutes first applies to taxes based on the assessment as of January 1, 1999.

AB460-ASA1,11,12 (4) Interest. The treatment of sections 70.995 (12) (a) of the statutes first applies to entries made on the property tax roll on the effective date of this subsection.

AB460-ASA1,11,14 (5) Deadline for classifying property. The treatment of section 70.995 (5) and (6) of the statutes first applies to assessments as of the January 1 after publication.

AB460-ASA1,11,17 (6) Manufacturers' reports. The treatment of section 70.995 (12) (b) and (c) of the statutes first applies to reports required to be filed on the March 1 after publication.

AB460-ASA1,11,18 (End)