It's that time of year again: your property assessment has arrived. You take a quick look, and while you're not too thrilled with the value your home has been given this time around, you figure it's just a preliminary number that will likely go up or down once the County Board meets in a few months.
You're partially right: that preliminary number is just a starting point. The value of your property is reassessed every two years, on the same schedule as your county, state, and national elections.
While it's always important to stay up-to-date on the value of your property, especially if you're considering selling in the near future, it's especially crucial this year with new reassessment values going into effect statewide.
Wisconsin Property Tax Reassessment
Wisconsin is one of the states in the US that follows a cyclical reassessment approach to property taxes. This means that the value of all properties within the state are reassessed at fixed intervals, with different counties following different reassessment schedules.
What Factors Are Considered During Reassessment?
The Property Assessment Office reassesses all properties in the city every two years.
The reassessment is based on below factors:
Including changes in the market
Physical changes to the property
Recent sales of comparable properties.
What Is the Frequency of Reassessment in Wisconsin?
In Wisconsin, real estate properties are reassessed every two years.
This means that the value of your home—and consequently, your property taxes—will be checked and updated every other year. This frequency is mandated by the state, and it's one of the ways that they work to ensure that everyone is paying their fair share.
While this may seem like an inconvenience or an added stress, it's important to remember that the reassessment cycle is designed to benefit homeowners.
The updates mean that your home's value is accurately reflected in the market, and that you're not overpaying (or underpaying) on your taxes.
In a nutshell, the important takeaway is that if you're a property owner in Wisconsin, it's important to be aware of when your reassessment is scheduled and to keep an eye on your property value. If you have any questions or concerns, don't hesitate to reach out to your local municipality.
Until Next Time