Assessment Process

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Assessor

The assessor works for the municipality and is generally responsible for establishing the fair market value of all taxable property in the municipality (excluding manufacturing). The assessor is responsible for conducting the “Revaluation” and annual “Maintenance” of property within the municipality.

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Equalized Value

The State of Wisconsin maintains an estimated total market value of all taxable properties in a municipality, called the Equalized Value. Equalized Value is based on property information maintained by the municipality’s assessor, and the analysis of market trends including recent property sales in the municipality. If the municipality’s combined property values assigned by the assessor differ from the state’s Equalized Value by more than 10%, a revaluation is needed.

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Maintenance

When there are significant changes to a taxable property, the assessor will establish a new market value of the property. These changes include new construction, major improvements to existing buildings, or a significant change in land use. This annual adjustment to the assessed value of property is referred to as annual “Maintenance”.

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Revaluation

A revaluation is the process of determining the current market value of all taxable property in a municipality. Included in this process is the physical review of all land and improvements (i.e., buildings). The basic objective of a revaluation is to achieve equity in the assessments so each property bears only its fair share of the property tax burden.

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