What authority does the County have to conduct a revaluation?
Wisconsin Law requires market value assessment of all property. The County has no authority, each municipality does have authority to contract with the assessor.
What is the difference between real and personal property?
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.
How does the Assessor value property?
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.
What is market value?
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 were present, this would be a market value, arm's-length sale.
Can the assessment on my property be changed even if the Assessor has not been inside my property?
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.
How will my taxes change as a result of the new assessment?
Though the value of your property affects your share of taxes, the actual amount you pay is determined by the budget needs of the schools, city, county, sewer district, technical college, and state reforestation. All of these taxing units decide what services they will provide in the coming year and how much money they will need to provide those services. Once this decision is made, a tax rate is adopted that will generate the needed dollars. Your property taxes are then determined by dividing the tax rate by 1000 and multiplying by your assessment: Taxes = (Tax Rate / 1000) x Assessed Value What is "Assessed Value"? An estimate of value assigned to taxable property by the Assessor for purposes of property taxation. State law requires all assessments to be at 100% of market value. Assessed values most closely reflect market value following a revaluation.
In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. What is the "Assessment Ratio"?
The relationship between the assessed value and equalized value of all taxable property within a municipality. For example, if the assessed value of all the taxable property in the County is $13,900,000,000 and the equalized value is $14,000,000,000 the assessment level would be 98.6%. Assessment Ratio = Assessed Value / Equalized Value.
What is "Equalized Value"?
The full market value of all taxable property in a municipality, both real and personal. The Department of Revenue each year determines the equalized value.
What is "Market Value"?
The amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, 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.
What is the "Tax Base"?
The total assessed value of all assessments in the municipality that are subject to local property taxes.
What is the "Tax Levy"?
The total amount of property tax money that a taxing unit (such as the schools, city, county, etc.) needs to raise to provide services.
What is the "Tax Rate"?
The tax levy (as determined by the taxing bodies) divided by the tax base. It is often expressed in terms of dollars per thousand. The tax rate is multiplied by the assessed value to determine the amount of tax that each property must pay.