On your tax bill you will notice property assessment appears as Land and Improvements which equals the Total Assessment. Your taxes are calculated on your total assessment. The assessment is a value assigned by the City Assessor so similar houses throughout the City have similar values. When the overall values fall out of compliance with the WI Dept. of Revenue requirements a revaluation is required. A revaluation means that a representative of the Assessor’s Office will physically visit and revaluate all properties. The City had their last revaluation in 2006.
Fair Market Value is a calculation the State makes every January on what properties are selling for in the area. This gives you an idea of what your house might be worth should you put it on the market. This number will change up or down every year.
If you think the assessed value or the fair market value of your home is incorrect you should contact the Assessor and discuss this with him. There are many variables to review when assessing a property. Every situation is specific to each parcel. Unfortunately, the Assessor cannot lower your assessed value just because you think it is too high. You will need to provide documentation showing the need for a change. This can be in the form of a current appraisal or closing documents indicating a purchase price substantially lower than the current assessed value.
The Assessor reviews all assessment changes after the first of the year until approximately the end of April. Upon the completion of Open Book and Board of Review, the books are closed for the year and no assessment changes may be made until next year.
The City contracts for assessment services with Servi Group, Inc at 920-544-5398. Please call them with any questions or concerns.