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The general rule is that all property in Wisconsin is taxable unless it is specifically exempt from tax by the state legislature. Statutes granting exemption are, ing to the legislature and the courts, strictly construed against exemption and in favor of taxation.

Wisconsin tax on retirement benefits: Wisconsin doesn't tax Social Security or Railroad Retirement benefits. Military pay that is exempt from federal taxation is also exempt in Wisconsin. Taxpayers age 65 and older in the state may deduct up to $5,000 of certain retirement income if they meet the following criteria.

Some of the more common types of property that are exempt by law are the following: Property used for abatement of air and water pollution. Household furniture, apparel and motor vehicles. Manufacturing machinery specific processing equipment approved by the Department of Revenue.

Age or Veteran Status. An applicant must be 65 years of age or older on the date of applica- tion, or a qualifying veteran of any age.

Essentially, personal property is anything you can move and is subject to ownership (except land). Real property cannot be moved and is anything that is attached to land. Generally, determining the clarification for a property is simple since the differences are straightforward.

Retirees age 62 or older or who are disabled and are full-year residents of Wisconsin may qualify for homestead credit if they meet certain conditions. Homestead credit provides direct relief to homeowners and renters.