Personal Property

Personal Property taxation has been a part of the General Property Tax code since Wisconsin became a state in 1848.

The term "personal property" as defined in sec. 70.04, Wis. Stats., includes all goods, wares, merchandise, chattels, and effects, of any nature or description, having any real marketable value, and not included in the term "real property."

As of January 1st 2024 Personal Property has become exempt with the passage of 2023-Act12.  Please see the Department of Revenue for additional details.

70.015  Sunset. Beginning with the property tax assessments as of January 1, 2024, no tax shall be levied under this chapter on personal property.

2023-Act12-Information.pdf (wi.gov)

Buildings on Leased Land

Buildings on lease land were listed under personal property assessment.  With the passage of 2023 Act12 buildings on lease land will be shifted to the real estate parcel that the improvement resides on. 

• State law (sec. 70.03, Wis. Stats.) – defines real property as …not only the land itself but all buildings and improvements thereon, and all fixtures and rights and privileges appertaining thereto…

• State law (secs. 70.12, 70.17, 70.23, and 70.32 Wis. Stats.) – requires the assessor to list each parcel of real property on the assessment roll

In order to have a separate real estate parcel separate from the land parcel for the building on leased land, a document has been created by the property listers association that will need to be recorded with the Register of Deeds office.  This recorded document will aid in identifying the building on leased land with a legal description and a document identifier.  

Pursuant to §70.17(3) of the Wisconsin Statutes, this form is to be used to Create, Transfer, Add, and/or Remove Building(s), Fixture(s), and/or Improvement(s) on the Real Estate Assessment and Tax Roll. 

BFI Instructions 

BFI Document

 2023-Act12-PersonalPropertyExemption (wi.gov)