Holding the Line on Property Taxes

High property taxes create a barrier to homeownership and job growth in Wisconsin

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Capitol Insights

Ep. 28

A home is the single largest investment an individual or family can make. When many prospective homeowners begin their property search, one of the largest portions of this investment that they do not take into consideration is the property tax associated with the purchase.

Once many first-time property owners realize the impact that property taxes will have on their wallet, they may adjust to much smaller property searches than originally anticipated.

The property tax is the single highest tax in Wisconsin. In fact, in 2020 the Badger State had the fifth highest property tax in the country.

Property taxes affect the affordability of homes and the profitability of businesses. As property taxes increase, job growth and the affordability of homeownership in Wisconsin decreases.

Currently, Wisconsinites are having difficulty affording their homes. Among Midwestern states, Wisconsin has the second-highest percentage of homeowners across all income levels that are paying more than half of their income for housing. The only state that ranks worse is Illinois.

Unfortunately, Wisconsin relies too heavily on property taxes to fund local governments, schools, and technical colleges.

Now is the time to hold the line on property taxes and keep the current levy limits in place to allow taxpayers to decide if they want to raise their own property taxes. Wisconsin must provide new ways in the future to fund local governments, schools, and technical colleges.

Placing a greater burden on property owners is not the answer.