MADISON, Wisconsin (AP) - The Wisconsin Legislature's budget committee has unanimously approved Governor Scott Walker's $100 million property tax cut proposal.
Tuesday's bipartisan 16-0 vote comes just before the full Senate is to take up the measure. The Assembly was scheduled to take it up Thursday. Walker has said he wants to sign it into law by the end of the week.
The tax cut is scheduled to take effect this year. It is estimated to lower property taxes on the typical home by $13 this year and $20 next year. The actual amount people pay varies widely across the state.
No one testified for or against the measure, although four registered in support. Even though Democrats voted for it, they said the savings need to be put into perspective.
MADISON, Wisconsin (WXOW) - Governor Scott Walker is proposing a $100 million property tax cut and will call a special session for the legislature to consider the idea next week.
The tax cut will save homeowners about $680 over four years.
Governor Walker says the investment in property tax relief comes from higher than expected growth in state revenue due to the growing economy and job creation.
Walker says "now, because of our tough, but prudent decisions, we're able to invest $100 million in property tax relief for Wisconsin's hardworking families, farmers, and seniors."
The tax relief plan was unveiled Thursday by Governor Scott Walker, Senate Majority Leader Scott Fitzgerald (R-Juneau), and Assembly Speaker Robin Vos (R-Rochester) at the Wisconsin State Capitol. State Senator Alberta Darling (R-River Hills) attended the announcement on behalf of Senator Fitzgerald.
"In the decade prior to our taking office, property taxes on a median-valued home skyrocketed by 27 percent," Governor Walker said. "Now, because of our tough, but prudent decisions, we're able to invest $100 million in property tax relief for Wisconsin's hardworking families, farmers, and seniors."
After increasing 27 percent for a decade prior to 2011, median-valued homeowner property taxes will have dropped in three consecutive years. Once Governor Walker's term is completed in 2015, property taxes for the median-valued home will be lower than when he took office in January 2011.
"This investment is another sign of Wisconsin's continued economic success, and it's a product of our sound management of the state's finances," said Senate Majority Leader Fitzgerald. "This is another huge win for the taxpayers – our reforms are working."
The $100 million investment in property tax relief comes from higher than expected growth in state revenue due to our growing economy and job creation. In addition, under the leadership and prudent fiscal management of Governor Walker and the Republican legislature, the State of Wisconsin spent less money than anticipated in the last fiscal year.
"Our smart fiscal decisions have produced surpluses and continued investments to our rainy day fund," said Speaker Vos. "In addition to the one billion dollars in income tax relief this biennium, property owners will now receive some additional relief."
Because of reforms and property tax controls, typical Wisconsin homeowners will save $680 over four years compared to the prior four-year trend.
Before Thursday's announcement, Governor Walker issued an Executive Order calling a special session of the legislature to quickly pass the property tax relief bill and two other economic development issues.