Senate Bill 84 proposes an amendment to Wisconsin's real estate transfer fee law, specifically targeting conveyances between grandparents and grandchildren. The bill exempts these transactions from the real estate transfer fee when they involve nominal consideration. Currently, the law mandates that individuals conveying real estate must file a transfer return and pay a fee based on the value of the property, which is set at 30 cents for every $100 of value.

The amendment modifies section 77.25 (8) of the statutes by adding "grandparent and grandchild" to the list of relationships that qualify for this exemption, alongside existing exemptions for parent-child and stepparent-stepchild transactions. This change aims to facilitate property transfers within families, particularly benefiting grandparents and grandchildren. The bill will take effect for conveyances filed on or after its effective date.

Statutes affected:
Bill Text: 77.25(8), 77.25
Text as Enrolled: 77.25(8), 77.25