How are buyers being made aware of the potential liability for a Conversion Charge?
The statutes require that persons owning land assessed as agricultural land must notify the buyer of the following (Sec. 74.485(7), Wis. Stats.): (1) that the land was assessed under 70.32(2r), (2) whether a Conversion Charge has been assessed, and (3) whether a Conversion Charge deferral has been granted. The current tax bill states, “Any parcel benefiting from use value assessment may be subject to a Conversion Charge under sec. 74.485, Wis. Stats., if the use of the parcel changes.” Effective January 1, 2008, 2007 Wisconsin Act 210 requires the Assessor to provide the property owner with a notice that a Conversion Charge may be due when land changes classification from agricultural to residential, commercial, or manufacturing.
