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Wisconsin Legislature: SB1048: Bill Text
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SB1048: Bill Text
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2025 - 2026 LEGISLATURE
LRB-6186/1
KP:cjs
2025 SENATE BILL 1048
February 24, 2026 - Introduced by Senators
Wall
and
Dassler-Alfheim
, cosponsored by Representatives
Bare
,
Hysell
,
Joers
,
Stubbs
,
Snodgrass
,
Johnson
,
Udell
,
Roe
,
Miresse
and
Brown
. Referred to Committee on Agriculture and Revenue.
SB1048,1,4
1
An Act
to repeal
70.11 (4g) (c);
to amend
70.11 (4g) (intro.), 70.11 (4g) (a) and
2
70.11 (4g) (b) of the statutes;
relating to:
modifications to the property tax
3
exemption for nonprofit organizations that sell property to low-income
4
persons.
Analysis by the Legislative Reference Bureau
Current law provides an exemption from property taxes for real property held by a nonprofit organization if the property is held for rehabilitating an existing structure or constructing a new structure and for subsequent sale at no interest to low-income persons who participate in the property’s rehabilitation or construction. This bill modifies this property tax exemption as follows:
1. The bill eliminates the requirement that such nonprofit organizations require prospective low-income buyers to participate in the rehabilitation or construction of the real property for it to be exempt.
2. The bill provides that property is exempt if the nonprofit organization offers no-interest loans to lower income households to purchase the property or, if the nonprofit organization charges interest when selling the property, the nonprofit organization is restricted to transferring property to persons having an income that is less than 120 percent of the area median income as determined by the U.S. Department of Housing and Urban Development.
3. The bill specifies that property held for redevelopment qualifies for the property tax exemption.
4. The bill specifies that the nonprofit organization holding the property must be a 501 (c) (3) organization under the Internal Revenue Code.
Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.
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:
SB1048,1
1
Section
1
.
70.11 (4g) (intro.) of the statutes is amended to read:
SB1048,2,6
2
70.11
(4g)
Real property held for rehabilitation
, redevelopment,
or
3
future construction and later sale to
low-income persons
lower income
4
households
.
(intro.) Real property owned by a nonprofit organization
described in
5
section
501
(c) (3) of the Internal Revenue Code
if all of the following requirements
6
are fulfilled:
SB1048,2
7
Section
2
.
70.11 (4g) (a) of the statutes is amended to read:
SB1048,2,12
8
70.11
(4g)
(a) The nonprofit organization holds the property for the purpose of
9
rehabilitating an existing structure
, redevelopment involving a structure,
or
10
constructing a new structure on the property for sale to
low-income persons
lower
11
income households and persons having an income below the threshold described in
12
par. (b)
for use as a personal residence.
SB1048,3
13
Section
3
.
70.11 (4g) (b) of the statutes is amended to read:
SB1048,3,2
14
70.11
(4g)
(b) The nonprofit organization offers
low-income persons
lower
15
income households
loans to purchase the property for which no interest is charged
16
or the nonprofit organization is restricted to transferring the property to persons
1
having an income that is less than 120 percent of the area median income, as
2
determined under
42 USC 1437
a, for the area where the property is located
.
SB1048,4
3
Section
4
.
70.11 (4g) (c) of the statutes is repealed.
SB1048,5
4
Section
5
. Initial applicability.
SB1048,3,6
5
(
1
)
This act first applies to the property tax assessments as of January 1,
6
2026.
SB1048,3,7
7
(end)
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