LRB-2651/1
JK:amn
2019 - 2020 LEGISLATURE
December 23, 2019 - Introduced by Representatives Brooks, Gundrum,
Horlacher, Knodl, Kuglitsch, Kulp, Magnafici, Murphy, Ramthun,
Skowronski, Thiesfeldt and Wichgers, cosponsored by Senators Craig and
Nass. Referred to Committee on Housing and Real Estate.
AB691,1,3
1An Act to renumber 70.32 (1); and
to create 70.32 (1) (b) of the statutes;
2relating to: prohibiting an assessor from changing the valuation of property
3based solely on a recent sale of the property.
Analysis by the Legislative Reference Bureau
Current law requires that, to determine a property's value for property tax
purposes, the assessor 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. This bill
prohibits an assessor from changing the assessed value of a property based solely on
the recent arm's-length sale of the property unless the change in assessed value
corrects a previous assessment based on incorrect information about the physical
characteristics of the property.
For further information see the local fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB691,1
4Section 1
. 70.32 (1) of the statutes is renumbered 70.32 (1) (a).
AB691,2
5Section 2
. 70.32 (1) (b) of the statutes is created to read:
AB691,2,8
170.32
(1) (b) An assessor may not change the assessed value of a property based
2solely on the recent arm's length sale of the property unless the change in assessed
3value updates a previous assessment based on incorrect or outdated information
4about the property characteristics. This paragraph does not limit the assessor's
5ability to change the assessed value of a property using a recent arm's length sale of
6the property as part of a revaluation or interim market update of the taxation
7district, nor does it limit the ability of a board of review to change the assessment
8based solely on the recent arm's length sale of the property.
AB691,3
9Section
3.
Initial applicability.
AB691,2,1010
(1) This act first applies to the property tax assessments as of January 1, 2020.
