This is an update to the recent article “Taxed to the Max” that we posted on October 1. The article discussed a proposal to double the real estate transfer tax. A transfer tax occurs when a property owner sells their property. We are happy to report that this proposal was removed from the state budget and a compromise proposal was announced.
The real winners of this compromise will be Wisconsin’s working families, young couples, and senior citizens. An increased “home tax” would have created an additional tax burden for everyone to bare, but would have created more challenges for those who are least able to absorb the cost.
Realtors and homeowners alike lobbied hard against the proposal and helped legislators to realize that raising taxes wasn’t the right thing to do.
Stay tuned to TeamTappeTalk.com for additional details as this conversation progresses in our legislator. But for now chalk up a win for Wisconsin families!
The following blogs also refer to this topic: Wisconsin property owners avoid double taxing – Wisconsin Real Estate Blog
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