Wisconsin 2023-2024 Regular Session

Wisconsin Senate Bill SB274 Compare Versions

Only one version of the bill is available at this time.

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1	1	LRB-2098/1
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3	3	2023 - 2024 LEGISLATURE
4	4	2023 SENATE BILL 274
5	5	May 8, 2023 - Introduced by Senators STAFSHOLT, MARKLEIN, NASS, QUINN and
6	6	STROEBEL, cosponsored by Representatives GREEN, BEHNKE, BODDEN, KRUG,
7	7	MURPHY, MURSAU, O'CONNOR, PLUMER, SCHMIDT, ROZAR, EDMING and
8	8	OLDENBURG. Referred to Committee on Housing, Rural Issues and Forestry.
9	9	AN ACT to renumber and amend 77.24; to amend 77.22 (1); and to create
10	10	77.24 (1) (a) to (c) of the statutes; relating to: the amount and distribution of
11	11	the real estate transfer fee.
12	12	Analysis by the Legislative Reference Bureau
13	13	Current law, generally, requires a person who conveys an interest in real
14	14	property to file a real estate transfer return with the county register of deeds and pay
15	15	a real estate transfer fee equal to 30 cents for each $100 of the value of the
16	16	conveyance. The county retains 20 percent of the fees collected and transmits the
17	17	remainder to the state.
18	18	This bill decreases the real estate transfer fee from 30 cents to 20 cents for each
19	19	$100 of the value of the conveyance. Under the bill, the county retains 30 percent
20	20	of the fees collected in 2023 and 2024, 40 percent of the fees collected in 2025, and
21	21	50 percent of the fees collected in 2026 and each year thereafter.
22	22	For further information see the state and local fiscal estimate, which will be
23	23	printed as an appendix to this bill.
24	24	The people of the state of Wisconsin, represented in senate and assembly, do
25	25	enact as follows:
26	26	SECTION 1. 77.22 (1) of the statutes is amended to read:
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30	30	4 - 2 -2023 - 2024 Legislature LRB-2098/1
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32	32	SECTION 1 SENATE BILL 274
33	33	77.22 (1) There is imposed on the grantor of real estate a real estate transfer
34	34	fee at the rate of 30 20 cents for each $100 of value or fraction thereof on every
35	35	conveyance not exempted or excluded under this subchapter. In regard to land
36	36	contracts, the value is the total principal amount that the buyer agrees to pay the
37	37	seller for the real estate. This fee shall be collected by the register at the time the
38	38	instrument of conveyance is submitted for recording. Except as provided in s. 77.255,
39	39	at the time of submission the grantee or his or her duly authorized agent or other
40	40	person acquiring an ownership interest under the instrument, or the judgment
41	41	creditor in the case of a foreclosure under s. 846.16, shall execute a return, signed by
42	42	both grantor and grantee, on the form prescribed under sub. (2). The register shall
43	43	enter the fee paid on the face of the deed or other instrument of conveyance before
44	44	recording, and, except as provided in s. 77.255, submission of a completed real estate
45	45	transfer return and collection by the register of the fee shall be prerequisites to
46	46	acceptance of the conveyance for recording. The register shall have no duty to
47	47	determine either the correct value of the real estate transferred or the validity of any
48	48	exemption or exclusion claimed. If the transfer is not subject to a fee as provided in
49	49	this subchapter, the reason for exemption shall be stated on the face of the
50	50	conveyance to be recorded by reference to the proper subsection under s. 77.25.
51	51	SECTION 2. 77.24 of the statutes is renumbered 77.24 (1) (intro.) and amended
52	52	to read:
53	53	77.24 (1) (intro.) Twenty percent The following percentages of all fees collected
54	54	under this subchapter shall be retained by the county and the balance shall be
55	55	transmitted to the state.:
56	56	(2) Remittances shall be made monthly by the county treasurers to the
57	57	department of revenue by the 15th day of the month following the close of the month
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83	83	LRB-2098/1
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85	85	SECTION 2
86	86	SENATE BILL 274
87	87	in which the fee was collected. The remittance to the department shall be
88	88	accompanied by the returns executed under s. 77.22.
89	89	SECTION 3. 77.24 (1) (a) to (c) of the statutes are created to read:
90	90	77.24 (1) (a) In 2023 and 2024, 30 percent.
91	91	(b) In 2025, 40 percent.
92	92	(c) In 2026 and in each year thereafter, 50 percent.
93	93	SECTION 4.0Initial applicability.
94	94	(1) This act first applies to conveyances filed on the effective date of this
95	95	subsection.
96	96	(END)
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