Mansions for Sale in Wisconsin

Average Mansion and Luxury Home Prices in Wisconsin

General
Wisconsin is located in the north central part of the United States. It borders two of the five Great Lakes and four U.S. states (Illinois, Iowa, Michigan and Minnesota). Wisconsin's capital is Madison, and its largest city is Milwaukee.

Economy
According to the 2004 U.S. Bureau of Economic Analysis report, Wisconsin?s gross state product was $211.7 billion. The per capita personal income was $32,157 in 2004. Wisconsin's state budget is facing a $652.3 million shortfall.

The economy of Wisconsin is driven by manufacturing, agriculture, and health care. Although manufacturing accounts for a far greater part of the state's income than farming, Wisconsin is often perceived as a farming state.

Taxes
Wisconsin collects personal income taxes (based on four income brackets) which range from 4.6% to 6.75%. The state sales and use tax rate is 5.0%. Fifty-nine counties have an additional sales/use tax of 0.5%. Milwaukee County and four surrounding counties have an additional temporary 0.1% tax which helps fund the Miller Park baseball stadium, which was completed in 2001. Retailers who make sales subject to applicable county taxes must collect this tax on their retail sales.

The most common property tax assessed on Wisconsin residents is the real property tax, or their residential property tax. Wisconsin does not impose a property tax on vehicles, but does levy an annual registration fee. Property taxes are the most important tax revenue source for Wisconsin's local governments, as well as major methods of funding school districts, vocational technical colleges, special purpose districts and tax incremental finance districts. Equalized values are based on the full market value of all taxable property in the state, except for agricultural land. In order to provide property tax relief for farmers, the value of agricultural land is determined by its value for agricultural uses, rather than for its possible development value. Equalized values are used to distribute state aid payments to counties, municipalities, and technical colleges. Assessments prepared by local assessors are used to distribute the property tax burden within individual municipalities.

Wisconsin does not assess a tax on intangible property. Wisconsin does not collect inheritance taxes. Until January 1, 2008 Wisconsin's estate tax was decoupled from the federal estate tax laws; therefore the state imposed its own estate tax on certain large estates.

There are no toll roads in Wisconsin; highway and road construction and maintenance is funded by motor fuel tax revenues.

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