Number
050275
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. DONOVAN, HAMILTON, BOHL, BAUMAN AND MURPHY
Title
Substitute resolution directing the Intergovernmental Relations Division- Department of Administration to seek introduction and passage of state legislation relating to property tax relief.
Analysis
This resolution directs the Intergovernmental Relations Division- Department of Administration to seek introduction and passage of state legislation that calls for the Homestead Property Tax Credit formula to be adjusted annually for inflation. Additionally, this legislation seeks additional property tax relief to property owners through the Wisconsin Property Tax Deferral Loan Program by increasing the income threshold and expanding the amount of property taxes covered by the deferral.
Body
Whereas, Low-income residents of Wisconsin are overburdened with property taxes despite relief offered through the Homestead Tax Credit Program and the Wisconsin Property Tax Deferral Loan Program; and
Whereas, The maximum household income level of $24,500 in the Homestead Tax Credit Program has not been adjusted for inflation since 2001; and
Whereas, The Wisconsin Property Tax Deferral Loan Program, run by the Wisconsin Housing and Economic Development Authority (WHEDA), has for eligibility an income of no more than $20,000 of all reportable income for Wisconsin income tax purposes along with social security benefits and other types of nontaxable income received by all persons residing in the house, and defers a maximum amount of $2,500 in property taxes for persons 65 years of age or older who are low-income homeowners; and
Whereas, Limited income and mobility exacerbates the burden of increasing property taxes for the elderly; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Intergovernmental Relations Division- Department of Administration is directed to seek introduction and passage of state legislation that provides an ...
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