The Legislation Creates a Fairer Funding Model for Wisconsin Communities while Reducing the Property Tax Burden for Every Wisconsinite
MADISON – Today, Representative Darrin Madison was proud to stand with Representatives Ryan Clancy and Francesca Hong, and Senator Chris Larson to introduce a package of bills that confront the affordability and property tax crisis in Wisconsin head on. There are three bills in the package.
- LRB 3872 – Which would reduce property taxes by an average of 44% across the state by replacing the K-12 system revenue source with higher income taxes on the most wealthy individuals and a higher corporate income tax. The bill also increases funding for every school in Wisconsin.
- LRB 5353 – Which would allow counties and municipalities to implement a local option millionaire income tax if approved through a public referendum.
- LRB 5376 – Which would create a progressive estate tax on properties worth over $5 million. This bill excludes farmland from the estate tax.
Representative Madison (D-10) issued the following statement:
“For over a decade, Legislative Republicans have chosen to defund and disinvest from our public schools and local communities. Through the continual disregard for local funding needs, Legislative Republicans have driven up the cost of critical public services and have continually forced local property tax payers to shoulder more and more of the financial burden. Our schools, local governments, and families’ pocket books across Wisconsin have had enough of Republicans driving up the cost of living.
This legislation would provide a 44% average reduction in property taxes for every person in Wisconsin. The bill package will also increase funding for our public schools and local government services which will spur economic development and continue to lower costs for working families across Wisconsin.
I continue to work with and listen to my constituents who clearly put the cost of living crisis and economic concerns at the top of their priority list. I am proud that Democrats have a clear agenda to provide meaningful affordability relief and reduce property taxes across Wisconsin, all while Legislative Republicans continue to pass the buck on to working Wisconsinites.”
