Property taxes on the typical Wisconsin home are projected to decrease $1 on bills this December and $2 next year according to the state’s nonpartisan budget agency.
The Legislative Fiscal Bureau released a new estimate Monday on property taxes for a median-valued home of $154,268, property taxes are estimated at $2,830 in 2015-16. The home value is expected to increase to $159,205 in 2016-17, but property taxes would still decline to $2,828 based on the state budget recently signed by Gov. Scott Walker.
Walker’s original budget proposal would have resulted in a $10 decrease in property taxes over the two years. But after changes made by the Legislature (including allowing school districts to count students in the private school voucher program in the formula for how much they can raise property taxes) and using updated tax figures, the new estimate projects property taxes to decline just $3 over the next two years.
The estimate looks at the state as a whole, but individual tax bills will vary based on a variety of factors including value of the home and local tax levels.