Posts in Zoning Legal
-- information provided from the Wisconsin REALTORS® Association (WRA)
Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new tax that was designed to affect upper income taxpayers. The 3.8% tax is imposed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, defined as interest, dividends, capital gains and net rents. These items are all included in an individual's AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax.
The tax is NOT a transfer tax on real estate sales and similar transactions.
Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.
The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.
Eliason Realty of the North, Inc. encourages you to contact your accountant to fulyl understand how this tax may or may not apply in your specific situation.
The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer. Please visit these links for additional in-depth information:
http://speakingofrealestate.blogs.realtor.org/2010/11/24/the-3-8-tax-is-not-a-real-estate-transfer-tax/ (A video)
http://www.ksefocus.com/billdatabase/clientfiles/172/8/1437.pdf (informational brochure)
Also see the article at http://www.charlotteobserver.com/2012/07/20/3379120/health-care-and-housing-a-taxing.html
-shared from the Wisconsin REALTORS® Association by
Eliason Realty of the North, Inc.
Vilas County Wisconsin Real Estate Brokers
On April 2, 2012, Governor Walker signed into law 2011 Wisconsin Act 167, legislation that grandfathers almost all existing piers. In addition, the new law eliminates the pier registration requirement and creates new standards for piers placed on or after April 17, 2012. Finally, the new law guarantees that waterfront property owners have a right to place a pier, even if the property is located in areas that the Wisconsin Department of Natural Resources (DNR) considers to be environmentally significant.Background
In 2007, Wisconsin lawmakers enacted a law that attempted to grandfather 99 percent of the existing piers from DNR permitting requirements. (2007 Wisconsin Act 204.) To be eligible for grandfathering, a pier was required to meet the following standards:The pier must have been originally placed prior to February 6, 2004. The width of the pier could be no wider than eight feet. A loading platform or deck was allowed as long as it is located at the lakeward end of the pier and the platform had a surface area no greater than either (a) 200 square feet, which may be any width, or (b) 300 square feet, if the deck/platform is no wider than 10 feet.
In addition, the pier must have been registered with the DNR by April 1, 2011. The registration deadline was later changed to April 1, 2012.
However, both the DNR and lawmakers discovered that many more piers than originally anticipated would not qualify for grandfathering. In addition, very few piers that did qualify for grandfathering were registered with the DNR.
Accordingly, lawmakers decided that it would be best to resolve the pier grandfathering issue once and for all by grandfathering all existing piers.
Under the new law, all existing piers placed before April 17, 2012 are grandfathered unless:a.
Senate Bill 472 passed both houses and was enacted April 2, 2012, and published April 16, 2012.
The resulting legislation, Wisconsin ACT 170, provides significant protections for real estate owners in Vilas County and across Northern Wisconsin. The new law addresses certain shoreland zoning standards and ordinances thta regulate the repair and expansion of nonconforming structures. Among other protections, the law prohibits rules that call for the removal of a non-conforming building, premises, structure or fixture by an amortization ordinance. (amortization ordinances call for a nonconforming structure to exist, but only for a period of time).
"An ordinance enacted under this section may not prohibit, or limit based on cost, the repair, maintenance, renovation, or remodeling of a nonconforming structure."
There are a number of other limits that are placed on local governments and hsoreland zoning to protect property owners. We urge you to click and read the law which is 2.5 pages long here: