K-12 Tax & Spending Climate: Attack high tax burden on Wisconsin homes

Wisconsin State Journal Editorial:

If you own a home or business in Wisconsin, you already know your property taxes are high.

But now it's official.

So let's keep the pressure on government at all levels to try to ease the burden.

Wisconsin has the ninth highest property tax in the nation, a nonprofit research group reported this week. The Tax Foundation, based in Washington, D.C., used new Census Bureau data to rank the best and worst real estate tax burdens across the country.

Wisconsin's median property tax last year was $2,963, compared to the national median of $1,897, the group reported.

When home values are factored in, Wisconsin moves up the list to fourth highest among the 50 states. By this measure, our burden is almost twice as heavy as the national median.

Notes and links from former Madison Mayor Paul Soglin along with Paul Caron. WISTAX:

Wisconsin's two largest taxes, the income tax and property tax, generate more than $15 billion for state and local governments.

In 2008, income tax collections totalled $6.71 billion. At 3.3% of personal income, Wisconsin's income tax collections ranked 10th highest nationally. On a per capita basis ($1,137), the Badger state was 13th.

Recent income tax law changes reduced the capital gains exclusion from 60% in 2008 to 30% in 2009 and added a fifth tax bracket (7.75%). In 2008, the top tax rate was 6.75%

Ted Kolderie urges "dramatic change" in the public sector.

Posted by Jim Zellmer at September 26, 2009 1:33 AM
Subscribe to this site via RSS/Atom: Newsletter signup | Send us your ideas