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

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 more in 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 locations, condition, size, quality, number of baths, basement finish, garages, and many others.

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 or replacing roof
• Repairing porches and steps
• Repairing original siding
• Patching or repairing interior walls and ceilings
• Exterior painting
• Replacing electrical fixtures
• Replacing furnaces
• Exterior awnings and shutters
• Weather stripping
• Screens, storm windows, or doors
• Exterior landscaping including lawns, shrubbery, trees, flowers, etc.

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 remodeling
• Etc.

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 the assessor may have been unable to go through your property, the assessment will still be reviewed, base on the existing records and the sales of similar properties.

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 area. But despite these capabilities, common sense and assessor judgment are always required to verify assessments. Assessors most familiar with the neighborhoods are properties review all assessments.

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 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.

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, 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.

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.

Wisconsin Law requires market value assessment of all property. The Village Assessor revalues all property each year to keep pace with changes in the market. During a reevaluation, all assessments are examined and adjustments are made where necessary to guarantee that all property is assessed uniformly. This is done to ensure that taxes are distributed equitably and uniformly.