Wisconsin homeowners and business owners will likely see lower property tax bills in the coming year. Late last month, Wisconsin’s Joint Finance Committee voted to eliminate the forest mill property tax, which goes toward acquiring, preserving, and developing forests. Lawmakers may also reduce the personal property tax levied upon businesses for equipment and furnishings in the coming weeks.
These moves are part of the final-stage negotiations to end the two-month budget stalemate, which is expected to be completed this week. However, at this writing, the biggest issue remained: how to pay for transportation projects in light of a nearly $1 billion transportation fund gap. Some lawmakers want to raise the gas tax or vehicle registration fees, while others and Gov. Walker prefer more borrowing and delaying projects.
The Associated Press reported on a statement from Gov. Walker that an agreement had been reached in principle, which could include a combination of borrowing and a higher registration fee for electric vehicles. However, full details had not been released yet.