Lottery credit lowers tax bills for Wisconsin homeowners by an average $161
WISCONSIN (CBS 58) -- A lottery tax credit helped Wisconsin homeowners save more than $237 million in 2020.
According to a news release from the State of Wisconsin Department of Revenue on Tuesday, Feb. 9, Wisconsin homeowners who paid their property tax bills this past December and January, may have noticed their bill was reduced by an average of $161.
The Lottery Credit is shown on tax bills as a reduction of property taxes due, the department says. If a taxpayer pays their taxes in two or more installments, the credit is applied to the first installment. The credit is paid by the state to counties or municipalities on the fourth Monday in March. The county or municipality receiving the payment settles with overlying taxing jurisdictions
"Homeowners hit the jackpot every January with the property tax relief provided by the Lottery Credit," said Wisconsin Department of Revenue Secretary Peter Barca. Secretary Barca noted the credit returned to homeowners is based on Lottery profits. "The Wisconsin Lottery enriches communities statewide by giving back 93 percent of its revenue to winners, retailers, and, in this case, Wisconsin homeowners."
Since 1988, the Wisconsin Lottery has provided over $4.8 billion in property tax relief to eligible Wisconsin homeowners.