MMAC talked to 50 local property managers, 45 of whom affirmed they will pass costs along to their tenants. Fifty-nine percent of Milwaukee residents live in renter-occupied housing, with 41 percent living in owner-occupied.
“No one is immune from increased housing costs should this massive tax increase pass,” said MMAC President Dale Kooyenga. “Area landlords have spoken loud and clear. Rents will spike if this measure is approved.”
This comes at a time when Milwaukee rental costs are soaring. According to an October report by Apartment List and reported by the Milwaukee Journal Sentinel, Milwaukee has the second fastest rising rents in the country. Over a 12-month period, the average rent went up 4 percent, compared to a 1.2 percent drop nationwide.
“With families having to dig deeper to make ends meet, another increase in rent will hit them hard,” said Kooyenga. “Cost-of-living increases like this threaten our city’s growth.”
If the referendum passes, the MPS portion of property taxes will increase 26 percent. A $200,000 property will see an increase of more than $400 annually on its property tax bill.
