One of several provisions of Wisconsin’s 2009 Budget Bill unfavorable to business has been amended in the Senate’s version of that Bill.
The Bill had provided that owners of property zoned for commercial, industrial or residential purposes would no longer qualify as agricultural property, and therefore no longer be entitled to favorable "use value" assessment for property tax purposes. Owners of such property which remained undeveloped would lease it to farmers for production of crops until it could be sold for commercial or industrial purposes. While in use for agricultural purposes, Wisconsin law allowed the owners of such property to take advantage of favorable tax treatment based on its agricultural use. The Assembly version of the Bill had provided that such land would not be deemed "agricultural property" even if used for agricultural purposes.
The Senate amendment would allow owners of such land to continue to qualify for favorable property tax treatment while waiting to sell or develop their property.