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Home Owners FAQ
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The following are a list of Commonly Asked Questions.
What is a revaluation?
What is the assessorís role?
How does the assessor determine a property's assessed value?
What is market value?
How will changes in assessed value affect my taxes?
How do I know if the assessed value of my property is correct?
What will happen to my assessed value if I improve my property?
Can the assessment on my property be changed even if the assessor has not seen the inside of my property?
Do all assessments change at the same rate?
Will I be penalized if I do not allow the assessor access to the inside of my property?
I have recently built a new home. Will the construction costs be considered?
Could the assessed value change even though I've made no changes to my property?
Will my assessment go up if I repair my property?
Will I be notified if there is a change in my propertyís assessed value?
Everything I read and hear in the news media tells me housing values have dropped over the past year so why hasnít my assessment dropped?
Wouldnít my property taxes go down if the assessor lowered home values in our community?
Iíve just refinanced my home and the appraisal used by the bank indicates a lower value than my assessed value.
The family across the street was foreclosed on by the bank who sold their home for a lot less than the assessed value.


Everything I read and hear in the news media tells me housing values have dropped over the past year so why hasnít my assessment dropped?

Everything I read and hear in the news
media tells me housing values have
dropped over the past year so why
hasnít my assessment dropped?

In Wisconsin, weíve been fortunate that our
property values are weathering the market
relativity well compared to many other areas of
the country. While the news media portrays
values as dropping, it speaks to an overall trend
in some areas and doesnít take into account a
specific neighborhood or specific properties. In
actuality, some communities, and some
neighborhoods, have seen values increase;
many neighborhoods are experiencing fewer
sales yet values remain relatively stable; and a
few neighborhoods have experienced
foreclosures and short sales that have driven
market values lower. Itís the latter
neighborhoods that capture news media
attention.

If your municipality happens to be conducting a
revaluation this year, then your assessment will
reflect the most probable market value. A
revaluation sets all properties at market value as
of Jan 1 and establishes the relationships of one
property to another. Those relationships remain
until the next revaluation. If your community is
not conducting a revaluation this year, then your
assessment will likely not be adjusted if the only
change occurring is the same market adjustment
that the rest of the community is experiencing.
Just as your assessment didnít go up each year
when property values where rapidly increasing,
your assessment will not be adjusted downward
just because values are declining. The reason
for this is twofold. If all values are going up or all
values are going down, it doesnít change the
relationship of one property to another and
therefore doesnít change the tax bill.

Secondly, in order to contain costs, most
municipalities do not perform a revaluation every
year. It is the revaluation process that adjusts
everybodyís value to reflect those properties
which have sold.



If you have a question that you do not see listed here please post it in the comment box below. We will contact you either with a phone call or an email within 48 hours.

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