Full Value Assessments
The Village of Bayside performs a revaluation of all property annually. This means all property within the Village will be reviewed then assessed to fair market value annually. Your assessed value can increase or decrease each year depending on current market conditions.
The fair market value of all property is calculated by reviewing arm's length sales, which are valid sales between a willing seller and a willing buyer on the open market. Assessors may also consider information from other sources to determine your assessment.
Full value assessments ensure that your property value mirrors fair market value annually. If the market for similar property decreases, your value will decrease to match what the market value is reflecting.
The State of Wisconsin is a Market Value state. This means property values are required to be within 10% of fair market value of comparable properties to ensure property owners are paying their fair share of taxes. Some communities wait multiple years between revaluation of property. This creates natural market inequity. When assessed values are not revalued annually, taxpayers are no longer paying their fair share of taxes. Full value assessments ensure the community maintains fairness and equity.
Assessors will be reviewing market sales annually, from January 1 to December 31. Sales after the new year will not be used to determine your new value in 2022. The property tax bill you receive in December of 2022 will be based on the new assessment value of your property based on previous years' sales.
Assessors don't set tax rates. There are no additional taxes collected by the Village during the revaluation of property. The revaluation does not change the amount of taxes that needs to be collected by the Village, County, school district or technical college. A change in your assessed value does not directly correlate to a change in your property taxes.