LRB-2894/1
JK:jld:ph
2011 - 2012 LEGISLATURE
September 21, 2011 - Introduced by Representative Kerkman, cosponsored by
Senators Wirch, Wanggaard and Darling. Referred to Committee on Ways
and Means.
AB272,1,2
1An Act relating to: correcting the 2011 equalized valuation for the village of
2Twin Lakes.
Analysis by the Legislative Reference Bureau
Under current law, annually, the Department of Revenue (DOR) determines
the full value of the property of each county and taxation district. This property
valuation is known as "equalized value." DOR determines the equalized value of all
property in the state to ensure, generally, that the property is being assessed at its
full value. If DOR makes an error in determining the equalized value of the property
of any county or taxation district, DOR corrects the error by adjusting the county's
or taxation district's equalized value in the year after the year in which DOR made
the error.
In 2011, DOR overvalued the property of the village of Twin Lakes by almost
$70,000,000. This bill requires that, no later than November 30, 2011, DOR correct
the 2011 equalized value determined for the village of Twin Lakes.
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:
AB272,2,7
1(1)
Village of Twin Lakes equalized value. Notwithstanding section 70.57 (1)
2(d) and (4) of the statutes, the department of revenue shall, no later than November
330, 2011, correct the equalized valuation of the property of the village of Twin Lakes,
4as determined under section 70.57 of the statutes, for 2011 and shall apportion
5county, school district, technical college district, and protection and rehabilitation
6district taxes, and state forestation taxes under section 70.58 of the statutes, to the
7village using the village's correct valuation.
