Amendment SSA1-AB610

LRBs0299/1

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2021 - 2022 LEGISLATURE

SENATE SUBSTITUTE AMENDMENT 1, TO ASSEMBLY BILL 610

January 10, 2022 - Offered by Senator Feyen.

AB610-SSA1,1,2 An Act to amend 70.32 (1); and to create 70.32 (1p) of the statutes; relating to: prohibiting certain property tax assessment practices.

Analysis by the Legislative Reference Bureau

Under this bill, assessors may not use list or asking prices, or list or asking rents, to determine fair market value when assessing the value of real property for property tax purposes.

The bill also provides that when there is an inconsistency or ambiguity between the Wisconsin Property Assessment Manual and a statute, the statute controls the practices of the assessor.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB610-SSA1,1 Section 1. 70.32 (1) of the statutes is amended to read:

AB610-SSA1,2,10 70.32 (1) Real property shall be valued by the assessor in the manner specified in the Wisconsin property assessment manual provided under s. 73.03 (2a) from actual view or from the best information that the assessor can practicably obtain, at the full value which could ordinarily be obtained therefor at private sale. In Subject to sub. (1p), in determining the value, the assessor shall consider recent arm's-length sales of the property to be assessed if according to professionally acceptable appraisal practices those sales conform to recent arm's-length sales of reasonably comparable property; recent arm's-length sales of reasonably comparable property; and all factors that, according to professionally acceptable appraisal practices, affect the value of the property to be assessed. In determining the value, if there is an inconsistency or ambiguity between the Wisconsin property assessment manual provided under s. 73.03 (2a) and a statute, the statute shall control the practices of the assessor.

AB610-SSA1,2 Section 2. 70.32 (1p) of the statutes is created to read:

AB610-SSA1,2,14 70.32 (1p) Beginning with the property tax assessments as of January 1, 2023, the assessor may not use list or asking prices, or list or asking rents, to determine fair market value when determining the value of real property.

AB610-SSA1,2,15 (End)