AB460-ASA1,7,2224 70.995 (12) (a) The department of revenue shall prescribe a standard
25manufacturing property report form that shall be submitted annually for each real

1estate parcel and each personal property account on or before March 1 by all
2manufacturers whose property is assessed under this section. The report form shall
3contain all information deemed necessary by the department and shall include,
4without limitation, income and operating statements, fixed asset schedules and a
5report of new construction or demolition. Failure to submit the report shall result
6in denial of any right of redetermination by the state board of assessors or the tax
7appeals commission. If any property is omitted or understated in the assessment roll
8in any of the next 5 previous years, the assessor shall enter the value of the omitted
9or understated property once for each previous year of the omission or
10understatement. The assessor shall designate each additional entry as omitted or
11understated for the year of omission or understatement. The assessor shall affix a
12just valuation to each entry for a former year as it should have been assessed
13according to the assessor's best judgment. Taxes shall be apportioned and collected
14on the tax roll for each entry, on the basis of the net tax rate for the year of the
15omission, taking into account credits under s. 79.10, and, in the case of omitted
16property,
interest shall be added at the rate of 0.0267% per day for the period of time
17between the date when the form is required to be submitted and the date when the
18assessor affixes the just valuation, and, in the case of underpayments determined
19after an objection under s. 70.995 (8) (d), interest shall be added at the average
20annual discount interest rate determined by the last auction of 6-month U.S.
21treasury bills before the objection, between the date when the tax was due and the
22date when it is paid
.
AB460-ASA1, s. 11 23Section 11. 70.995 (12) (b) of the statutes is amended to read:
AB460-ASA1,8,224 70.995 (12) (b) The department of revenue shall allow an extension to April 1
25of the due date
of 30 days for filing the report forms required under par. (a) if a written

1application for an extension, stating the reason for the request, is filed with the
2department on or before March 1.
AB460-ASA1, s. 12 3Section 12. 70.995 (12) (c) of the statutes is amended to read:
AB460-ASA1,8,204 70.995 (12) (c) Unless the taxpayer shows that the failure is due to reasonable
5cause, if
If a taxpayer fails to file any form required under par. (a) for property that
6the department of revenue assessed during the previous year by the due date or by
7any extension of the due date that has been granted, the taxpayer shall pay to the
8department of revenue a penalty of the greater of $10 or 0.05% of the previous year's
9full value assessment not to exceed $1,000. If the form required under par. (a) for
10property that the department of revenue assessed during the previous year is not
11filed within 30 days after the due date or within 30 days after any extension, the
12taxpayer shall pay to the department of revenue a 2nd penalty of the greater of $10
13or 0.05% of the previous year's full value assessment not to exceed $1,000
$50 if the
14form is filed 1 to 10 days late; $50 or 0.05% of the previous year's assessment,
15whichever is greater, but not more than $250, if the form is filed 11 to 30 days late;
16and $100 or 0.1% of the previous year's assessment, whichever is greater, but not
17more than $500, if the form is filed more than 30 days late
. Penalties are due 30 days
18after they are assessed and are delinquent if not paid on or before that date. The
19department may refund all or part of any penalty it assesses under this paragraph
20if it finds reasonable grounds for late filing.
AB460-ASA1, s. 13 21Section 13. 74.23 (1) (a) 5. of the statutes is created to read:
AB460-ASA1,8,2322 74.23 (1) (a) 5. Pay to each taxing jurisdiction within the district its
23proportionate share of the taxes and interest under s. 70.995 (12) (a).
AB460-ASA1, s. 14 24Section 14. 74.25 (1) (a) 4m. of the statutes is created to read:
AB460-ASA1,9,2
174.25 (1) (a) 4m. Pay to each taxing jurisdiction within the district its
2proportionate share of the taxes and interest under s. 70.995 (12) (a).
AB460-ASA1, s. 15 3Section 15. 74.30 (1) (dm) of the statutes is created to read:
AB460-ASA1,9,54 74.30 (1) (dm) Pay to each taxing jurisdiction within the district its
5proportionate share of the taxes and interest under s. 70.995 (12) (a).
AB460-ASA1, s. 16 6Section 16. 74.35 (3) (c) of the statutes is amended to read:
AB460-ASA1,9,117 74.35 (3) (c) If the governing body of the taxation district determines that an
8unlawful tax has been paid and that the claim for recovery of the unlawful tax has
9complied with all legal requirements, the governing body shall allow the claim. The
10Except as provided in par. (cm), the taxation district treasurer shall pay the claim
11not later than 90 days after the claim is allowed.
AB460-ASA1, s. 17 12Section 17. 74.35 (3) (cm) of the statutes is created to read:
AB460-ASA1,9,1713 74.35 (3) (cm) A municipality may pay a refund under par. (c) of the taxes on
14property that is assessed under s. 70.995 in 5 annual instalments, each of which
15except the last is equal to at least 20% of the sum of the refund and the interest on
16the refund, beginning in the year of the determination, if all of the following
17conditions exist:
AB460-ASA1,9,1918 1. The municipality's property tax levy for its general operations for the year
19for which the taxes to be refunded are due is less than $100,000,000.
AB460-ASA1,9,2120 2. The refund is at least 0.0025 of the municipality's levy for its general
21operations for the year for which the taxes to be refunded are due.
AB460-ASA1,9,2222 3. The refund is more than $10,000.
AB460-ASA1, s. 18 23Section 18. 74.37 (3) (c) of the statutes is amended to read:
AB460-ASA1,9,2524 74.37 (3) (c) If the governing body of the taxation district or county that has a
25county assessor system determines that a tax has been paid which was based on an

1excessive assessment, and that the claim for an excessive assessment has complied
2with all legal requirements, the governing body shall allow the claim. The Except
3as provided in par. (cm), the
taxation district or county treasurer shall pay the claim
4not later than 90 days after the claim is allowed.
AB460-ASA1, s. 19 5Section 19. 74.37 (3) (cm) of the statutes is created to read:
AB460-ASA1,10,106 74.37 (3) (cm) A municipality may pay a refund under par. (c) of the taxes on
7property that is assessed under s. 70.995 in 5 annual instalments, each of which
8except the last is equal to at least 20% of the sum of the refund and interest on the
9refund, beginning in the year of the determination, if all of the following conditions
10exist:
AB460-ASA1,10,1211 1. The municipality's property tax levy for its general operations for the year
12for which the taxes to be refunded are due is less than $100,000,000.
AB460-ASA1,10,1413 2. The refund is at least 0.0025 of the municipality's levy for its general
14operations for the year for which the taxes to be refunded are due.
AB460-ASA1,10,1515 3. The refund is more than $10,000.
AB460-ASA1, s. 20 16Section 20. 74.41 (4) (b) of the statutes is amended to read:
AB460-ASA1,10,2317 74.41 (4) (b) Determine the amount of rescinded or refunded taxes and the
18interest paid on those taxes to taxpayers that are
to be charged back to, and collected
19from, each taxing jurisdiction for which taxes were collected by the taxation district,
20and determine the amount of taxes collected under s. 74.33 to be shared with each
21taxing jurisdiction for which taxes were collected by the taxation district. The
22amount determined may not include any interest, except the interest that has been
23paid to taxpayers
.
AB460-ASA1, s. 21 24Section 21. Initial applicability.
AB460-ASA1,11,3
1(1) Refunds. The treatment of sections 70.511 (2) (b) and (bm), 74.35 (3) (c) and
2(cm), 74.37 (3) (c) and (cm) and 74.41 (4) (b) of the statutes first applies to refunds
3of taxes that were collected based on the assessment as of January 1, 1999.
AB460-ASA1,11,64 (2) Appeals. The treatment of section 70.995 (8) (a) of the statutes first applies
5to appeals to the tax appeals commission that are filed on the first day of the 3rd
6month beginning after the effective date of this subsection.
AB460-ASA1,11,97 (3) Settlement of taxes. The treatment of sections 74.23 (1) (a) 5., 74.25 (1)
8(a) 4m. and 74.30 (1) (dm) of the statutes first applies to taxes based on the
9assessment as of January 1, 1999.
AB460-ASA1,11,1210 (4) Interest. The treatment of sections 70.995 (12) (a) of the statutes first
11applies to entries made on the property tax roll on the effective date of this
12subsection.
AB460-ASA1,11,1413 (5) Deadline for classifying property. The treatment of section 70.995 (5) and
14(6) of the statutes first applies to assessments as of the January 1 after publication.
AB460-ASA1,11,1715 (6) Manufacturers' reports. The treatment of section 70.995 (12) (b) and (c)
16of the statutes first applies to reports required to be filed on the March 1 after
17publication.
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