Madison (WKOW) -- from WI Governor: Governor Jim Doyle announced Monday that typical homeowners in Wisconsin will see the smallest increase in property taxes since 1999, according to the State Budget Office.
For the average homeowner, the increase on their property bill will be next to nothing.
"Our efforts to hold the line on property taxes are critical as families are trying to make their budgets stretch to meet increasing costs and the impacts of a slowing national economy," Governor Jim Doyle said. "Over the past few years we have been able to provide needed property tax relief while still protecting education in Wisconsin, most recently through the First Dollar Credit."
The First Dollar Credit will appear for the first time on 2008 property tax bills, providing $75 million in property tax relief.
The new First Dollar Credit was enacted as part of the state budget bill signed into law by Governor Doyle last year to exempt the first $4,135 of assessed value from the property tax bill for schools.
The average homeowner will receive a credit of $35.
According to the State Budget Office, property tax increases would have been much larger without the First Dollar Credit Program.
The analysis also shows that the 2008 net tax rate for Wisconsin homeowners - which is the amount taxed, after credits, per $1,000 of property value - is the lowest in over 60 years.
Expressed as a percentage of personal income, property taxes remain constant and near historical lows.