• Beginning in 2024, personal property is tax exempt
• Exceptions:
• Property assessed as real property under s. 70.17(3)
• Property subject to taxation under s. 76.025(2)
• Act 12 personal property aid is equal to the property tax amount previously levied on personal property items

• Each active county, municipality, school district, technical college district, special district, and tax incremental financing district (TID) with personal property as of January 1, 2023, is eligible to receive an aid payment
• Exceptions:
• Dissolved districts (other than TIDs) do not receive a payment
• When a TID terminates, starting in the year following the termination, the Act 12 personal property aid payment is distributed to all taxing jurisdictions within the TID

• The Wisconsin Department of Revenue (DOR) calculates the payment based on the January 1, 2023, personal property value
• Under state law (sec. 79.0965, Wis. Stats.), Act 12 personal property aid is equal to the amount of property taxes levied on items of personal property

• The levy limit is the prior year actual levy plus the personal property aid payment (Code 2 and Act 12 personal property) multiplied by the valuation factor, minus the Code 2 and Act 12 personal property aid payment for the municipality or county only plus/minus adjustments from Section D of the levy limit worksheet. It does not include the additional Code 2 and Act 12 personal property aid paid to a municipality or county for the termination of a tax incremental district.
• Valuation factor means a percentage equal to the greater of either:
• Percentage change in the political subdivision's January 1 equalized value due to new construction, less improvements removed between the previous year and the current
• Zero percent

DOR distributes Act 12 personal property aid on the first Monday in May.