The typical Wisconsin homeowner will save approximately $680 over four years under a $100 million property tax relief bill signed into law today by Governor Scott Walker at Rice Family Farm in Burlington.
"In the decade prior to our taking office, property taxes on a median-valued home skyrocketed by 27 percent," Governor Walker said. "Today, families, farmers, seniors, and small businesses can breathe a sigh of relief for the third year in a row thanks to our tough, but prudent, decisions and this $100 million investment. I thank Senate Majority Leader Scott Fitzgerald and Assembly Speaker Robin Vos for their leadership and Republicans and Democrats in the Legislature for their overwhelming bipartisan support of meaningful property tax relief."
After increasing 27 percent for a decade prior to 2011, median-valued homeowner property taxes will have dropped in three consecutive years. Once Governor Walker's term is completed in 2015, property taxes for the median-valued home will be lower than when he took office in January 2011.
The $100 million investment in property tax relief comes from higher than expected growth in state revenue due to our growing economy and job creation. In addition, under the leadership and prudent fiscal management of Governor Walker and the Republican Legislature, the State of Wisconsin spent less money than anticipated in the last fiscal year.
Special Session Bill 1 passed the Senate on a bipartisan vote of 28 -- 5 and the Assembly on a bipartisan vote of 82 -- 12. Special Session Bill 1 is Act 46.