LRB-3329/1
JK:jld:rs
2003 - 2004 LEGISLATURE
December 5, 2003 - Introduced by Representatives J. Lehman, Ladwig, Berceau,
Seratti and Albers, cosponsored by Senator Wirch. Referred to Committee
on Financial Institutions.
AB696,1,3
1An Act to amend 77.21 (3) (a); and
to create 77.22 (2) (em) of the statutes;
2relating to: providing information related to seller assisted financing on the
3real estate transfer return.
Analysis by the Legislative Reference Bureau
Under current law, generally, a person who conveys real property to another is
subject to a real estate transfer fee and must submit the fee, along with a real estate
transfer return, to the treasurer of the county in which the property is located.
Current law requires that the real estate transfer return provide certain information
related to the conveyance, such as the value of the ownership interest that is
transferred by the conveyance, the amount of the real estate transfer fee that is due,
and, in the case of agricultural land, the financing terms under which the land is
transferred.
This bill requires that the real estate transfer return also provide the amount
of any seller assisted financing included in the transaction and excludes the amount
of the seller assisted financing from the value of the conveyance that is used to
determine the real estate transfer fee.
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:
AB696, s. 1
1Section
1. 77.21 (3) (a) of the statutes is amended to read:
AB696,2,52
77.21
(3) (a) In the case of any conveyance not a gift, the amount of the full
3actual consideration paid therefor or to be paid, including the amount of any lien or
4liens thereon
, but excluding the amount of any seller assisted financing included in
5the transaction; and
AB696, s. 2
6Section
2. 77.22 (2) (em) of the statutes is created to read:
AB696,2,87
77.22
(2) (em) The amount of any seller assisted financing included in the
8transaction.
AB696,2,1110
(1) This act first applies to real estate transfer returns that are submitted on
11the first day of the 2nd month beginning after publication.
