Wouldn't it be nice if you could lower your property taxes by tremendously undervaluing your home?
That's exactly what big box stores are doing using a "Dark Store" loophole. Representative Amy Loudenbeck and big box stores would have you believe that their empty, eyesore properties should be valued the same as their occupied, revenue generating properties. In an August 9 BDN article, Representative Loudenbeck voiced her opinion that she would support a creative solution that would appeal to all stakeholders. Unless stores agree not to use a loophole to lower their taxes, I don't know what other solutions she imagines will come from waiting until the next legislative session.
Not only did stores like Staples and Menards receive refunds from the city of Beloit to the tune of more than $366,000 between those two alone, but that tax burden goes directly to you and me and our school district. Since the Wisconsin corporate tax rate has sat comfortably at 7.9% for the past twenty years and the federal corporate income tax rate has just reduced to 21%, I think it's fair to say businesses are already getting a break.
Middle income Beloit residents married filing jointly are taxed at 6.27% in Wisconsin and 24% at the federal level. Corporations show far higher incomes than the average working family married filing jointly, but they are treated almost the same in tax percentage. Big businesses, and Representative Amy Loudenbeck, think they also deserve the benefit of undervaluing their properties to shift more tax burden onto hardworking families. If I underpay my property taxes, I have to pay a penalty; I don't get to ask the city for money back.
November is coming. Hold Representative Loudenbeck accountable and vote for Brittney Keyes to promote the best interests of our community.