Gov. Walker has issued an executive order calling a special session of the legislature to quickly pass a property tax relief bill. Republican leaders say the $100 million investment in property tax relief comes from higher than expected growth in state revenue and prudent fiscal management.

On October 10, 2013, Gov. Scott Walker (R-Wisconsin) along with Assembly Speaker Rep. Robin Vos (R-Rochester) and Sen. Alberta Darling (R-River Hills) announced that a special legislative session will be called to implement the components for delivering a $100 million dollar property tax cut as well as legislation to help bring jobs to Wisconsin.

The bill being introduced would put an additonal $100 million to the school aid formula, $40 million in 2013 and $60 million in 2014, in order to hold property taxes down. Because of this bill and other recently enacted reforms and property tax controls, typical Wisconsin homeowners will save an estimated $680 over four years compared to the prior four-year trend.

Leaders from both houses plan to hold hearings and pass the bill next week so the tax break will apply to this year’s bill.

During the special session, the legislature will also consider bills related to historic preservation tax credits and tax incremental financing (TIF) districts for municipalities.