Repealed: The elimination of Wisconsin's personal property tax
July 20, 2023
Good news for Wisconsin business owners -- You no longer need to worry about paying personal property taxes for your businesses.
The Wisconsin Legislature passed a bill that Gov. Tony Evers then signed that repeals the state’s remaining personal property tax. The change takes effect with property tax assessments starting in 2024.
The personal property tax had been in place since Wisconsin became a state, but over time, many items had been exempted from it. Still, business owners were liable for paying taxes on the remaining items – which could be a time-consuming process.
Honkamp has been closely tracking the legislation and wanted to provide this update. To further discuss its impacts or assess any other financial needs, please contact your account manager.