Unit 5: Taxation and Transfer Fees in WI Flashcards
What are property taxes?
The amount charged yearly against assessed value of a property
What if a homeowner is late in paying property tax?
There will be an Interest rate of 1% per month/penalties up to 0.5% per month
What happens to property taxes during a property transfer?
Seller is responsible for 1/12th of yearly bill leading to transfer date + month of transfer if occurred after 15th of the month
What is the transfer fee?
An amount charged at a rate of 30 cents per $100 of value for transfer
Who is responsible for paying transfer fee to county Register of Deeds office?
The seller (grantor), along with filing an Electronic Real Estate Transfer Return form before conveyance
What if someone lies about the transfer fee amount?
Fined up to $1,000, up to a year in jail or both
Who has it’s own assessor?
Each county, and each tax district
What do assessor’s do?
Base estimate of assessed value on best information they can obtain, including standards set in WI property assessment manual + outside factors
What is the process of equalization?
Applies adjustment rate to convert total assessed values of property in each municipality within a tax jurisdiction to uniform level
Who determines equalized values in attempt to maintain equity between municipalities and counties?
State Department of Revenue
How are tax rates determines?
based on total tax levy the jurisdiction needs, divided by total assessed value
How are individual tax bills assessed?
Multiplying the property assessed value by jurisdiction tax rate
When are WI tax bills mailed?
3rd Monday in December, due in full by Jan 31/ in 2 installments, Jan 31 and Jul 31
What is the priority of tax liens?
1st
When is a tax certificate issued for all county delinquent?
Sep 1st
