Property taxes on the median-valued home in Wisconsin would increase by about $85 over a two-year span under Gov. Tony Evers’ proposed 2021-23 biennial budget, according to a new report from the nonpartisan Legislative Fiscal Bureau.
However, the bureau also reports that while the total net tax bill on a median-valued home is expected to increase in both years of the budget, the increase in taxes is slightly lower than what it would have been under current law over the two-year span.
The bureau estimates the tax bills on a median-value home — valued at $197,200 according to 2020 preliminary estimates — would be $3,337, a 0.7% increase, in 2022 and $3,400, a 1.9% increase, in 2023 under the governor’s budget. Under those estimates, the owner of a median-valued home would pay $22 more in 2022 and $63 more in 2023 on their tax bill. All told, the end result would be an estimated $12 reduction to the homeowner’s tax bill over the biennium when compared with current law.
The bureau reports that Evers’ proposed changes to school district levies would result in the largest impact on property taxes — representing a $33 reduction for a median-valued home over the biennium.
Figures provided by LFB are estimates for the entire state. Tax impacts on individual municipalities would vary considerably.