MADISON (WKBT) — Wisconsin property taxes will see their most significant jump since 2007, according to the nonpartisan Wisconsin Policy Forum.
The organization’s report says gross local property taxes will go up 4.7%.
While the state this year passed major increases to local government aid through shared revenue and public school funding, thanks in part to a massive surplus, the report says those increases in state aid will not keep property taxes down for December bills and 2024.
Because local government and schooling is labor intensive, the report says property tax levies will increase to help local governments and school districts continue to cope with market realities.
Despite the tax increases, the state has two major credits to help offset the burden. Per the report, the state lottery tax credit goes up $15.9 million and the school levy tax credit goes up by $255 million; that money will help lower the “net tax bills” property owners pay.
The report does add that Wisconsin should have a $6 billion surplus by summer of 2025.
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