State
Wisconsin
Year
2017
Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Benefit Type
Deferral
Benefit
The benefit is a deferral of property taxes and special assessments. Participants apply for a loan equal to the amount of property taxes and special assessments levied. The maximum annual loan is $3,525. Deferral of property taxes through this program constitutes a lien on the property for the amount of taxes due plus interest. Interest rates are 1 percentage point higher than the prime lending rate established by the Federal Reserve Board. The deferred taxes must be repaid upon the sale or transfer of the home, or the death of the applicant or last surviving eligible co-owner. Applications for the deferral program must be filed with the Wisconsin Housing and Economic Development Authority (WHEDA) by 30 June of the year the deferred taxes are due. Contact WHEDA for application information.
How is Benefit Disbursed
Other
Eligible Property Type
Residential
Characteristics of Eligible Property
Only residential property is eligible for this program and up to one acre of surrounding land. Mobile homes are not eligible.
Eligibility Criteria
Age
Homeowner
Income Ceiling
Veteran
Other Criteria
Description of Eligibility Criteria
The homeowner must be at least 65 years of age or a qualifying veteran at any age who, during the preceding year, lived in the dwelling unit for at least 6 months and had a total household income at or below $20,000. Any co-owner, or spouse of an applicant, must be at least 60 years of age. Total outstanding liens, judgments, mortgages and delinquent property taxes may not exceed 33% of the value of the housing unit, as determined by the most recent property tax assessment.
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 provides the loan directly to the property owner.
Record ID
WI102_RR17