CARW

The Commercial Association of REALTORS Wisconsin

What’s on the Ballot for Commercial Real Estate

by

On November 3, Wisconsin voters will choose a new governor for the first time since 2010, and control of both legislative chambers is genuinely in play. For commercial real estate, that is not background noise. The people elected this fall will write the 2027–29 state budget, set the rules for property taxes and TIF, and decide how quickly Wisconsin can permit the housing, industrial, and commercial space our markets are asking for.

CARW works with the Wisconsin REALTORS® Association on candidate endorsements, and we leverage our members’ Direct Giver and RPAC investments to support candidates who understand commercial real estate. Whoever wins, our job is to make sure they understand what predictable, workable policy means for the buildings, deals, and jobs our members support every day.

An open seat for governor

With Governor Tony Evers not seeking a third term, the race is between Democrat David Crowley, the Milwaukee County Executive, and Republican Tom Tiffany, the U.S. Representative for northern Wisconsin’s 7th District. Most national forecasters rate it a tossup, and the most recent Marquette Law School poll, released September 30, had Crowley at 49% and Tiffany at 46% among likely voters, down from a five-point gap in August.

For our industry, the governor’s office matters for three reasons:

  • The budget. The next governor introduces the 2027–29 biennial budget, which carries shared revenue, levy limits, and most of the tools local governments use to fund growth.
  • The agencies. WEDC, DNR, DSPS, and the PSC set the pace for incentives, environmental review, building plan approval, and utility capacity.
  • The veto. Wisconsin’s partial veto is one of the strongest in the country, so the governor shapes policy line by line, not just bill by bill.

A Legislature that could change hands

Republicans hold the Senate 18–15 and the Assembly 54–45. All 17 odd-numbered Senate seats are on the ballot, and a two-seat swing would flip that chamber. Whatever the outcome, the January 2027 session will open with a long list of unfinished business that lands directly on our members.

  • Property taxes. Gross levies on December 2025 bills rose 5.8%, the largest increase in nearly two decades, according to the Wisconsin Policy Forum. Commercial values climbed 9.1% statewide and 10.3% in southeast Wisconsin. Levy limits, referendum rules, and assessment practice will all be on the table in the next budget.
  • Housing and TIF. Communities are leaning harder on tax incremental financing to close gaps on housing and mixed-use projects. How the next Legislature treats TIF flexibility, workforce housing tools, and zoning reform will determine how much gets built.
  • Permitting and regulation. State plan review, environmental permits, and local approvals add time and cost to every project. Firm deadlines for agencies to act on applications, clearer standards, and fewer duplicate reviews are bipartisan ideas worth pushing in the next session.

Read the whole ballot

The top of the ticket gets the attention, but local questions often hit property owners first. Check your own ballot at MyVote Wisconsin for school and municipal referendums to exceed levy limits. Southeast Wisconsin should also watch the governor’s race closely for a local reason: a Crowley win would open the Milwaukee County Executive’s office, the region’s largest local government partner on transit, parks, and redevelopment.

What CARW will ask of whoever wins

Our message to every candidate, and to every winner on November 3, is the same one we have carried all year: Wisconsin competes on predictability. Investors and tenants can work with almost any rule they can see coming. What they cannot price is a moving target. We will ask the next governor and Legislature for:

  1. Property tax policy that keeps commercial owners from carrying a growing share of the load.
  2. TIF and housing tools that local governments can use without a fight in Madison every budget cycle.
  3. Permitting timelines that are published, measured, and met.
  4. Consistent statewide rules, so communities and developers are not negotiating from scratch on every project.

Watch for WRA’s 2026 Voter Guide this month for the full list of REALTOR®-endorsed candidates. Vote on November 3. Then stay engaged, because the real work starts in January, and CARW will be there for our members when it does.

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