MacIver News Service | January 29, 2014[Madison, Wisc…] The average taxpayer and homeowner in Wisconsin is expected to save $177 in the upcoming fiscal year if the legislature passes Governor Scott Walker’s income and property tax cuts, according to new reports from the Legislative Fiscal Bureau (LFB).
The Governor announced he intends to give back more than $800 million in surplus to taxpayers during his State of the State address last week. This came shortly after the LFB announced Wisconsin would end fiscal year 2015 (FY15) with more than $1 billion in surplus.
The average homeowner of the state’s median-valued home of $151,000 will save $131 under Walker’s plan. In total, property taxes will be reduced by more than $400 million.
All income taxpayers will also see a reduction in the coming year. Income taxes will drop by $46 for the average worker.
The legislature is expected to convene in a special session in the coming months to pass Walker’s plan, which many legislators have already said they support.