Personal Property Exemption Impact on Personal Property Aid

November 6, 2023

To: Municipal Clerks

Cc: Municipal Treasurers, County Treasurers

The Wisconsin Department of Revenue (DOR), State and Local Finance Division is providing additional information about the impact of the personal property exemption on personal property aid as a result of 2023 WI Act 12. This information has no impact on your existing personal property aid, calculated in 2017, when locally assessed machinery, tools, and patterns became exempt.

Timeline

  • January 1, 2024 – Sec. 70.111(28), Wis. Stats. exempts personal property as defined in sec. 70.04, Wis. Stats., steam and other vessels, furniture, and equipment
    • The exemption does not apply to state assessed utility property, and real property that was assessed as personal property in 2023 and will move to the real estate roll for 2024 (ex: buildings on leased land, leasehold improvements, mobile homes)
    • See DOR's Personal Property Exemption Common Questions for additional information
  • Spring 2024 – DOR provides municipal clerk a new form for reporting locally assessed, exempt personal property values as of January 1, 2023. The form with detailed instructions will be provided at that time.
  • August 15, 2024 – DOR issues an Act 12 personal property aid payment estimate that should be used for budgeting purposes
  • May 2025 – DOR issues first Act 12 personal property aid payment. This aid payment will be paid the first Monday of May each year going forward.

New Form Information

  • Required under state law (sec. 79.0965, Wis. Stats.)
  • Municipal clerk must e-file in MyDORGov
  • Report locally assessed, exempt personal property values as of January 1, 2023
    • Do not include buildings on leased land, leasehold improvements, or mobile home values shifting to the real estate roll
    • Detailed form instructions will be provided when the form is made available
    • Municipalities should work closely with their assessors to accurately complete this form
  • Due date – July 1, 2024
  • DOR will use the reported values and our 2023 equated, assessed manufacturing personal property values (less buildings on leased land and leasehold improvement values shifting to real estate) to calculate Act 12 personal property aid payments for all taxing jurisdictions

Questions?

Contact us at lgs@wisconsin.gov.

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