WI AB1113

Eliminates the requirement that low-income buyers participate in the rehabilitation or construction of property for it to qualify for the nonprofit property tax exemption

Expands eligibility to include property held for redevelopment in addition to rehabilitation and new construction

Allows nonprofits to charge interest on sales while maintaining the exemption if buyers earn less than 120% of area median income as determined by HUD

Restricts the exemption to 501(c)(3) nonprofit organizations under the Internal Revenue Code

Applies to property tax assessments beginning January 1, 2026