Property tax deferral loan program

There are also credits an individual may claim on their Wisconsin income tax return. The income tax return instructions are the best source to determine qualification for these credits. In the case of an individual that is suffering a financial hardship due to the pandemic, encourage them to reach out to their legislators to make them aware of their situation.

This is helpful for legislators when they reconvene in , and possibly pursue new COVID relief legislation. Financial assistance for property taxes. Lottery and Gaming Credit — if you are a Wisconsin resident, own your property and it is your primary residence, a property owner may qualify for this credit First Dollar Credit — if there is a real property improvement on the land, the property qualifies for this credit School Levy Tax Credit — all taxable real property in Wisconsin qualifies for this credit There are also credits an individual may claim on their Wisconsin income tax return.

Homestead Credit — this credit has requirements that can be found in the income tax instructions or in the common questions on our website at Claiming Homestead Credit Veterans and Surviving Spouses Property Tax Credit — a credit equal to the amount of property taxes paid during the year on an eligible veteran's or surviving spouse's principal dwelling.

Information, instructions and request forms can be found on the DVA website. If your homestead is located in a multi-unit building, the eligible property is the portion of the building used as your principal dwelling plus the percentage of the value of the common areas and the land on which the building is located.

You must file an application with your local municipal assessor between January 1 and April 1. The application is available on the MRS website at www.

The municipal assessor will verify certain information, then forward the application to MRS for review. MRS will review your application and may request additional information from you to confirm your eligibility for the program. Once your application is approved, you may continue to defer the property taxes on your homestead in future years as long as there is no change in circumstances that might lead to disqualification or removal.

For a description of changes that would disqualify you from the program, see paragraph 6 on additional restrictions above. You may file an appeal of the denial with the State Board of Property Tax Review within 30 days of receipt of the notice. Once you are accepted into the program, MRS will pay the property taxes on your homestead directly to the municipality.

MRS will also place a lien on your homestead as security for the taxes we pay on your behalf, plus interest. MRS will send you a notice each year with your current balance. You can continue to defer payment on the taxes and interest until certain repayment events occur.

You can request that your property be removed from the program at any time. You will be responsible for paying all of the deferred taxes plus interest when the property is removed. In addition, any of the following repayment events will also require removal of the property from the program and you or your estate will be required to repay the tax and interest on all deferred years:. State Property Tax Deferral Program. Who qualifies for the program? What qualifies as a disability?