LRB-5344/2
JS:skg&kaf:km
1995 - 1996 LEGISLATURE
February 21, 1996 - Introduced by Senator Weeden, cosponsored by
Representative Brancel. Referred to Committee on State Government
Operations and Corrections.
SB557,1,2
1An Act to amend 74.09 (1) and 74.09 (3) (b) 1. and 2. of the statutes;
relating
2to: property tax bills.
Analysis by the Legislative Reference Bureau
Under current law, beginning with the bills for taxes levied in 1996, property
tax bills must indicate the taxable value of land and of improvements and the total
taxable value of all property. Under this bill, "estimated fair market value" is
substituted for "taxable value", although the 2 terms have the same meaning.
Under this bill, the estimated fair market value of agricultural land need not
be shown on property tax bills.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB557,1,75
74.09
(1) Definition. In this section,
"taxable "estimated fair market value"
6means a property's assessed value divided by the assessment ratio of all of the
7taxable property in the taxation district where the property is located.
SB557,2,210
74.09
(3) (b) 1. For real property, the
taxable estimated fair market value
of the
11land, except agricultural land, as defined in s. 70.32 (2) (c) 1., and
the assessed value
1of the land and the
taxable estimated fair market value and assessed value of the
2improvements.
SB557,2,53
2. For all property, the total
taxable estimated fair market value
, except that
4the estimated fair market value of agricultural land, as defined in s. 70.32 (2) (c) 1.,
5shall be excluded, and the total assessed value.
SB557,2,77
(1) This act first applies to bills for taxes levied in 1996.
