Wisconsin Property Tax Information
Wisconsin, like many other states, tends to favor lower taxes on personal property more than on industrial and commercial property. However, this doesn’t mean that commercial and industrial property owners have to settle for paying extremely high taxes. There are measures that property owners can take to reduce the amount of their property taxes, especially if they believe the value of their properties were overassessed.
Commercial and Industrial Tax Assessment
In Wisconsin, all manufacturing property is assessed by the Wisconsin Department of Revenue rather than by the local taxation districts. Wisconsin is one of the few states to this, and it does so to help provide a fairer appraisal of commercial and industrial equipment. The process of accessing industrial and commercial equipment is quite different from that of assessing other types of property since possible revenue generation, economic factors and machine depreciation must also be taken into consideration.
Still, even property owners who don’t necessarily operate a manufacturing or other production industry type of business might have commercial and industrial property that they use for business purposes. If their property isn’t assessed by the Wisconsin Department of Revenue, or even for property that is, their property could end up being assessed at higher values than it should have been.
Property Tax Exemptions
Certain types of machinery are exempt from property tax in the state of Wisconsin, though. Some of the types of commercial and industrial equipment that is exemption from taxation in the state include the following:
- Machinery and equipment used in manufacturing
- Manufacturer and merchant inventory
- Pollution abatement equipment
- Computer equipment
Property Tax Legislation
Wisconsin has reportedly been displaying a business-friendly attitude in its positive business tax changes that it’s been implementing in every biennial legislative session since the early 1970s. The state has supposedly done so in hopes of enticing more business into the state to generate revenue and a higher standard of living for residents. For this reason, some industries, such as the computer and software industry and the manufacturing and farm industries, receive special tax exemptions and credits in the state.
Assessment Technologies Tax Experts
Regardless of whether property owners believe their property has been overassessed or not, it is always important to make sure that all eligible deductions, exemptions and credits are taken. One of the first steps that Assessment Technologies tax experts take when clients come to them is to ensure that they have taken advantage of all tax benefits that they can. Then, they can conduct their own assessment on the value of commercial and industrial property to determine whether they believe the equipment was overassessed. If they do, they can take the appropriate steps to help business owners get their tax liabilities reduced. If owners have already paid in on the taxes, then they could end up getting refund checks for their overpayments if it’s proven that their properties were overassessed. Of course, Assessment Technologies utilizes the latest technology and innovations in the industry to support their claims of over-assessment, such as current market value research and other economical factors.
Wisconsin Property Tax Resource: https://home/oviedohomes/public_html.revenue.wi.gov/propertytax/