Assessment notices were mailed late last week and property owners have begun to receive them. Obviously, the real estate market is in near unprecedented times. The State of Wisconsin is looking at a 14% to 25% average increase in median values from 2021 to 2022 depending on where you live. In some cases, values are increasing at an even higher rate.
Last year, the Village’s final residential ratio with the State was 98% of value. The goal is 100%. The State Department of Revenue ratio study is showing an aggregate ratio of 85.68%. It also shows that the State too saw a roughly 15% residential increase of valid sales over the 2021 assessment values.
The Village Assessor reports that the residential base increase 16.76%. The land in Neighborhood 3 was increased, which is primarily houses along the lake. The assessor visited parcels in the area and noted the land features and grading. There were also sales supporting the market adjustment. As for the large residential increase, this has been consistent throughout the state. The limited housing supply, increasing construction costs and rent rates, along with creeping inflation, have all factored into the increase in 2021 sale values.
As a reminder, a change in your assessed value does not directly correlate to a change in your property taxes. For example:
- If your assessment increases 20% and budgets are not increased, your taxes will remain about the same. Your new value is multiplied by the new lower mill rate, in effect if your assessment increases the same as the village average you will not see much of a change in your taxes.
Residents are encouraged to schedule an appointment with the Village Assessor during open book, which is scheduled to be held on June 14 from 1 to 3 pm. If they cannot make Open Book, they can schedule another time online or by calling the Assessor.
OPEN BOOK: You may view the roll book of all property values online. You can set an appointment to talk with an assessor about your new value. A printed roll will also be available to view at the village hall on Jun 14th 1:00pm to 3:00pm
BOARD OF REVIEW: After speaking with the assessor, if you still wish to contest your value you must file an objection form with the village clerk Rachel Safstrom. The Board of Review functions like a court and is required to evaluate evidence based on facts. You or your representative must provide factual evidence that your property is inequitably assessed. The burden of proof is solely on the taxpayer. The assessor’s value is presumed correct by State Law until proven otherwise.
IMPORTANT INFORMATION: In order to provide property owners with more flexibility in being able to speak with the assessor, beginning in 2022 Accurate Appraisal will offer an extended period of Open Book via phone. The assessor will be available for calls to discuss property values from the time assessment notices are received until 48 hours before the Board of Review convenes. For those property owners who prefer to have an appointment, there will be a daily schedule available on the Accurate Appraisal website to sign up for a scheduled time to call.
Property Search: https://accurateassessor.powerappsportals.com/RealEstateSearch/
Roll Book: http://accurateassessor.com/roll-books/
Set an Appointment: https://accurate.rovingcalendar.com/appointments
Personal Property: http://accurateassessor.com/personal-property/