Assembly Bill 831 introduces significant changes to the property tax assessment and real estate transaction procedures in Wisconsin, specifically concerning buildings, improvements, or fixtures that are leased or owned separately from the underlying land. The bill mandates that local assessors or real property listers create separate tax parcels for such properties, ensuring that property tax assessment rolls reflect accurate descriptions based on the latest records from the register of deeds. Additionally, it establishes that transactions involving these properties are generally invalid unless they meet the existing legal requirements for land transactions, including proper conveyance documentation.

The bill also includes several new provisions, such as the creation of specific sections in the statutes that outline the responsibilities of assessors and real property listers in verifying ownership declarations and maintaining accurate records. Notably, it amends existing laws to clarify that real property includes buildings and fixtures, and it introduces new requirements for the legal descriptions of properties involved in tax deeds and liens. Overall, Assembly Bill 831 aims to enhance the clarity and efficiency of property tax assessments and real estate transactions involving non-land properties in Wisconsin.

Statutes affected:
Bill Text: 70.17(1), 70.17, 70.17(3), 70.23(title), 70.23, 70.23(1), 70.23(2), 74.57(4)(b)1, 74.57, 75.12(2), 75.12, 75.521(3)(am)1, 75.521, 77.21(1m), 77.21, 706.001(1), 706.001, 706.02(1)(b), 706.02