CITYWIDE REVALUATION TO BEGIN LATER THIS MONTH
The City of Prairie du Chien has contracted with Accurate Appraisal, LLC to conduct a full revaluation of property in the City over the next four years. The purpose of the revaluation is to insure that properties are assessed on a fair and equitable basis. Our goal is to bring assessments to fair market value for the entire city. The last complete physical revaluation of the City took place in 1997. Starting later this month, Accurate Appraisal will begin the process of doing physical inspections of approximately twenty-five (25) percent of the residential, commercial and industrial properties. Properties will be chosen on a random basis.
An appraiser will be going door to door visiting each property to complete a physical inspection of the interior and exterior of the home. Home visits will begin on Wednesday July 29th. Postcards will be mailed to those residents that the appraiser will be going to visit. After the residents receive their post card, they will need to call Accurate Appraisals and make an appointment to walk through their home. The post cards are scheduled to be mailed Friday July 17th. For those that don’t reply to the post card, a second letter will be mailed a few weeks after the initial mailing. It is very important that residents have a walk-through completed on your home or business. Failure to do so could result in the loss of the right to appear before the Board of Review with regard to a new assessment.
The revaluation will continue in quarterly installments through 2018. Therefore, if your property’s value is adjusted as a result of a revaluation in an earlier year, it will not be altered until the revaluation is completed in 2018. Any changes that occur during the period between 2015 and 2018 will not be the result of the revaluation. In 2018, the full effect of the complete revaluation will be implemented.
If you have questions regarding this process, please contact the City of Prairie du Chien at 608-326-6406 or email City Administrator Aaron Kramer at email@example.com. You can also contact Accurate Appraisal LLC at 1-800-770-3927 or via email at firstname.lastname@example.org.
Common questions with a Revaluation
1. What is a revaluation? - A revaluation is an update of all assessments in a municipality conducted by Accurate Appraisal, LLC. The assessor is a State certified individual whose duties are to discover, list and value all taxable real property in the municipality, in a uniform and equitable manner. The assessor is not involved in the collection of property taxes.
2. Why is the revaluation necessary? - There are many reasons for a revaluation, but one of the main reasons for a revaluation is the inequities within and between classes of properties. When inequities happen, some property owners are paying more than their fair share of the property taxes and some are paying less. A revaluation will ensure that all are paying their full share of property taxes.
3. What is an assessment and what is its purpose? - An assessment is the value placed on a taxable real estate and personal property by the assessor. The value determines the portion of the local property tax levy that the property will bear.
4. Will my property assessment value change? - Most likely - yes! Some neighborhoods and property types may have increased in value and others may have remained the same. One purpose of a revaluation is to make sure that the assessed values reflect the changes that have occurred in property values.
5. How can my assessment change when I haven't done anything to my property? - As property values change in the marketplace, those changes must be reflected on the assessment roll. Economic conditions such as recent home sales in your neighborhood, sales of reasonably comparable buildings, and inflation will influence the value of your real estate.
6. Do all assessments change at the same rate? - There are differences between individual properties and between neighborhoods. In one area, property sales may indicate a substantial increase in value in a given year while in another neighborhood there may be no change, or even a decrease in property values.
7. Will I be notified if there is a change in my assessment? - The State of Wisconsin state statutes require that all property owners be notified if there is a change in the assessed value of their property. You will receive a notice from Accurate Appraisal that shows your new assessed value and last year’s assessed value.
8. What if I don't agree with my assessment? - You can schedule a meeting with the assessor for Open Book. During this informal session, the assessor will explain how your assessment was prepared, view the property record for your property, what factors were considered in determining a value for your property and view comparable house values.
9. What if, after this informal meeting, I still disagree with the assessment? - You can arrange to appear before the Board of Review. To do so, you will be required to complete an objection form, which must be completed in full. You will then be scheduled for a hearing where you will present your case regarding the assessed value of your property.
10. I've been told that everybody's taxes go up after a revaluation. Is this true? - No. If the total levy remains the same, only those properties, which are not presently paying their fair share, will pay more taxes after the revaluation. Properties presently paying more than their fair share will pay less.
11. How will my taxes change as a result of a 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, technical college and state. 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.
ASSESSED VALUE VERSUS FAIR MARKET VALUE
Assessed Value - This is the dollar value placed on a parcel of property by the Assessor. It is computed by analyzing individual sale transactions and inspections of property within the municipality. This value is important because it establishes and maintains equity between and among all taxpayers in the municipality. This is the value that is used to calculate your tax bill.
Estimated Fair Market Value: (a.k.a. Equalized Value) - This value estimate is determined by the State of Wisconsin - Department of Revenue. It is used to apportion tax levies among municipalities and is used in the distribution of shared revenues. State law requires that assessor's be within 10% (higher or lower) of the State's Fair Market Value.