Every state has its own policies and timelines regarding property tax collection, and lenders must understand the intricacies to ensure a smooth tax season. Working with a tax servicer who is well-versed in local policies and procedures can immensely help banks and credit unions who are already overwhelmed at tax time.
Wisconsin is one state that has unique tax collection policies. This blog will explore those unique aspects, as well as how Info-Pro supports Wisconsin lenders.
Wisconsin tax collection policies
The following is a brief highlight of Wisconsin tax collection policies.
- Most tax amounts are not released until the first or second week of December, leading to a time crunch for lenders (many borrowers prefer to pay their taxes by December 31 for income tax purposes, as opposed to the due date of January 31).
- It varies throughout the state whether a particular tax payment should be sent to the municipal or county office.
- Each Wisconsin tax office allows the option for an annual or installment payment, adding complication to the process for lenders.
- Borrowers have multiple options as to how their taxes are paid out of their escrow accounts.
- Some tax agencies have restrictions on how many parcels can be paid with one check, which is important for lenders to know to avoid returned checks and late payments.
Info-Pro is the ideal partner for Wisconsin lenders
Clearly, it’s important for lenders with parcels in Wisconsin to understand the complexity and timing of Wisconsin tax collection policies. Working with a tax servicer that is well-versed in these policies takes an enormous burden off of lenders.
Info-Pro specializes in understanding local tax policies and procedures, and is dedicated to making life easier for lenders during tax season with its legendary customer service and relationships with tax agencies. Located in Fond du Lac, Wisconsin, Info-Pro brings even more value to Wisconsin lenders, as it is deeply familiar with local tax policies, with years of experience and strong relationships with tax agencies around the state.
If you’re a Wisconsin lender that wants a partner to help you streamline and simplify tax season, request a consultation to learn more about how Info-Pro can exclusively provide local support for your financial institution.