First Dollar Credit

State

Wisconsin

Year

2015

Variations in Receipt of Benefit

Other Variation in Receipt of Benefits

Benefit Type

Credit

Benefit

The benefit is a credit. The value of the credit is determined by multiplying the gross school tax rate by either the market value of the property or the "credit base" set by the Wisconsin Department of Revenue, whichever is lower. The "credit base" is a dollar calculated by the Department of Revenue that is expected to distribute as much of the available funding as possible.

How is Benefit Disbursed

Credit to the property tax bill

Eligible Property Type

Non Residential

Residential

Characteristics of Eligible Property

Both residential and nonresidential properties are eligible.

Eligibility Criteria

Other Criteria

Description of Eligibility Criteria

Any taxable parcel containing a real property improvement qualifies for this credit.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

State Funding for Local Tax Loss

State reimburses all of the local government tax loss

Description of State Funding for Tax Loss

The state distributes funding to counties unless a municipality has over $3,000,000 in total credits. In such cases, funding will be made directly to the municipality.

Enrollment Data

For the 2014/2015 tax year, the program had 2,214,000 claimants with the average credit being $66.63. The value of credits distributed statewide was $148 million.

Record ID

WI105_RR15

Footnotes

For the 2014/2015 tax year, the credit base value was $6,500. Only taxes levied for elementary and secondary education are eligible for the credit.

Sources

Wis. Stat. § 79.10 (in effect for 2015)
First Dollar Credit (November 2015) Wisconsin Department of Revenue [https://www.revenue.wi.gov/ra/15FDC.pdf Accessed on 05/27/2016] View Archived Source

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