A revaluation is a complete and thorough review of all assessments. During a revaluation all assessments are examined and adjustments are made where necessary to guarantee that all property is assessed at market value. This is done to assure that taxes are distributed equitably and uniformly.

Wisconsin Law requires all municipalities to assess property at market value.

The assessor is a State certified individual whose duties are to discover, list and place a value on all taxable real and personal property in the municipality, in a uniform manner. The assessor is not involved in the collection of property taxes.

Wisconsin Law requires that property assessments be based on fair market value. Estimating the market value of your property is a matter of determining the price a typical buyer would pay for it in its present condition. Some factors the assessor considers are: what similar properties are selling for, what it would cost to replace your property, the rent it may earn, and any other factors that affect value.

IT IS IMPORTANT TO REMEMBER THAT THE ASSESSOR DOES NOT CREATE THIS VALUE, BUT RATHER INTERPRETS WHAT IS HAPPENING IN THE MARKET PLACE.

Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property. The seller and buyer must be unrelated, the seller must be willing, but not under pressure to sell and the buyer must be willing, but not under any obligation to buy. The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property. If all of these conditions are present, this would be a market value, arm’s-length sale.

To make a proper assessment on a building, it is desirable for the assessor to see the inside and the outside of the property. The law requires that property be valued from actual view or the best information available. The assessor keeps records on the physical characteristics of each property in the municipality. Even though the assessor may have been unable to go through your property, the assessment will still be reviewed, based on the existing records and the sales of similar properties.

When an interior inspection is not allowed, the assessor will attempt to update the records by looking at the property from the outside and using any other available information. To ensure an accurate assessment, it is to your advantage to allow the assessor inside your property when an inspection is requested. By denying an inspection, you may lose the right to appeal your assessment to the Board of Review.

Your construction cost is an historical figure which may or may not reflect the current market value of your property. It is only one element that will be considered.

Generally speaking, improvements that increase the market value of a property will increase the assessed value. The following are typical items that will increase the assessed value or your property:

• Added rooms or garages
• Replacing older siding with aluminum or vinyl siding
• Substantial modernization of kitchens or baths
• Central air conditioning
• Extensive remodeling

Good maintenance will help retain the market value of your property. Generally, your assessment will not be increased for individual minor repairs such as those that follow; however, a combination of several of these items could result in an increased assessment.

• Replacing concrete walks and driveways
• Replacing gutters and downspouts
• Replacing hot water heater
• Repairing or replacing roof
• Repairing porches and steps
• Repairing original siding
• Patching or repairing interior walls and ceilings
• Exterior Painting
• Replacing electrical fixtures
• Replacing furnace
• Exterior stripping, screens, storm windows, doors
• Exterior landscaping including lawns, shrubbery, trees, flowers

General economic conditions such as interest rates, inflation rates, supply and demand, and changes in tax laws, will influence the value of real estate. As property values change in the market place, those changes must be reflected on the assessment roll.

There are differences between individual properties and between neighborhoods. In one area the sales may indicate a substantial increase in value in a given year. In another neighborhood there may be no change in value, or even a decrease in property values.

Different types of properties within the same neighborhood may also show different value changes. For example, one-story houses may be in more demand than two-story houses, or vice-versa. Older homes in the same area may be rising in value more slowly than newer homes.

There are numerous factors to be considered in each property which will cause the values to differ. Some of the factors which can affect value are location, condition, size, quality, number of baths, basement finish, garages, and many others.

Wisconsin law requires that whenever an assessment is changed, the owner must be notified.

You should first attempt to decide for yourself what your property is worth. This can be done by looking at area sales, contacting appraisers, and comparing assessments of similar homes. Sales and assessment information is available in the Assessor’s office and open to the public for review during regular office hours.