AB262: Bill Text

LRB-1684/1

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2011 - 2012 LEGISLATURE

2011 Assembly BILL 262

September 15, 2011 - Introduced by Representatives Knodl, August, Brooks, Craig, Endsley, Kerkman, Kestell, Kleefisch, Kooyenga, Krug, LeMahieu, Mursau, Nass, Nygren, A. Ott, Petersen, Rivard, Spanbauer, Steineke, Thiesfeldt, Wynn and Weininger, cosponsored by Senators Zipperer, Galloway, Grothman, Hansen, Holperin, Lasee, Lazich, Moulton, Olsen, Schultz and Vukmir. Referred to Committee on Ways and Means.

AB262,1,3 An Act to amend 70.03 and 70.112 (1) of the statutes; relating to: excluding permits and licenses from the definition of real property for property tax purposes.

Analysis by the Legislative Reference Bureau

Under current law, for property tax purposes, "real property" includes land and all buildings and improvements on the land and all fixtures and rights and privileges related to the real property. Under this bill, "real property" does not include permits and licenses related to real property.

Under current law, money and intangible personal property, including credit, checks, share drafts, notes, bonds, stocks, and other written instruments, are exempt from property taxes. The bill clarifies that permits and licenses are also intangible personal property for purposes of the property tax exemption for money and intangible personal property.

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:

AB262, s. 1 Section 1. 70.03 of the statutes is amended to read:

AB262,2,8 70.03 Definition of real property. "Real property", "real estate" and "land", when used in chs. 70 to 76, 78 and 79, include not only the land itself but all buildings and improvements thereon, and all fixtures and rights and privileges appertaining thereto, not including permits and licenses appertaining thereto, and except that for the purpose of time-share property, as defined in s. 707.02 (32), real property does not include recurrent exclusive use and occupancy on a periodic basis or other rights, including, but not limited to, membership rights, vacation services and club memberships.

AB262, s. 2 Section 2. 70.112 (1) of the statutes is amended to read:

AB262,2,12 70.112 (1) Money and intangible personalty. Money and all intangible personal property, such as credit, checks, share drafts, other drafts, notes, bonds, stocks, permits, licenses, and other written instruments.

AB262, s. 3 Section 3. Initial applicability.

AB262,2,14 (1) This act first applies to property tax assessments as of January 1, 2011.

AB262,2,15 (End)