First Dollar Credit
What is the First Dollar Credit?
- Part of the 2007 Wisconsin Act 20 (Budget Bill) First Applicable to the 2008 tax bill
- Patterned after the Lottery & Gaming Credit
- Based on maximum credit value, this is different than what is used by the Lottery & Gaming Credit
- Maximum credit value cannot exceed total Estimated Fair Market Value of parcel
- Uses the same Equalized Value School Tax Rate as the Lottery and Gaming Credit
The First Dollar Credit applies to a "parcel with improvements". Therefore .......
- A mobile home on which the parking fee is paid does NOT qualify. For property tax purposes, the "parcel" has no improvements. Thus, these mobile homes do not qualify for this credit.
- An improvement on leased land does NOT qualify. For the owner of the land, the "parcel" has no improvements. For the owner of the improvement, there is no parcel, and therefore no credit
- Since the owner of a condominium has a vested interest in the land, a condominium would qualify for this credit provided the other requirements are met.