2019 marks the year the Assessor’s Office has aligned the utilization of the new Market Drive software, built over the last three years to improve the City’s appraisals of real estate with the need to readjust residential real estate values to comply with the Wisconsin Department of Revenue’s requirements that municipal valuation be within 10% of market value. or 90% to 110% of market value.
Notices are likely to be sent out the last 2 weeks of April or between April 15th and the 30th, alerting homeowners of impending changes in value as determined by the professional appraisal process which can now take advantage of the more sophisticated software allowing for greater consideration of variables in property and basically comparing “apples to apples” when it comes to square footages, finishes, similar geographic market areas and other factors.
Some property owners may see increases in their values brought about by city wide market changes in the housing market or more specifically sales comparisons in their unique market area, which may lead to concerns about their taxes increasing. As you know, taxes do not always increase as values change due to equalization, however, some may see changes in their taxes as a result of DOR compliance and revaluation more likely associated with market appreciation of their property type, more sophisticated appraisals and overall shifting of tax burden within the city’s use classifications (such as the closure of large retailers, the dark store loophole and other changes city -wide).
It will be very important that you have the best information available in case you receive public inquiries, therefore we have a FAQ document that strives to address anticipated questions. If you have additional questions on this process, we are at your disposal. Thank you for your consideration.