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 marketplace, those changes must be reflected on the assessment roll.
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. Repairing concrete walks and driveways Replacing gutters and downspouts Replacing hot water heater Repairing … Continued
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 of your property: Added rooms or garages Replacing asbestos or wood siding with aluminum or vinyl siding Substantial modernization of kitchens or baths Central air conditioning Fireplaces Extensive … Continued
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.
To make a proper assessment of 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 … Continued
Just as in many other fields, computers are useful in the assessment process. Assessors are trained to look for relationships between property characteristics and market value. By coding these characteristics and studying sales prices, assessors can estimate value by developing formulas and models. Computers are much faster and are capable of advanced analysis in this … Continued
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, not under pressure to sell, and the buyer must be willing, not under any obligation to buy. The property must be on the market … Continued
Wisconsin Law requires property assessments 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, … Continued
For property tax purposes, “real property” refers to land and buildings and the rights associated with ownership, while “personal property” is the furniture and equipment owned or used by businesses.
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 Village, in a uniform manner. The assessor is not involved in the collection of property taxes.
