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To maintain fair and equitable assessments, the Village of Brooklyn has implemented a Market Revaluation Assessment process, meaning all assessments will be brought to market value in 2019. This ensures all property owners are paying their appropriate share of property taxes. The last time assessments were brought to market value was five years ago in 2014 when a revaluation was completed. In that five-year time period between revaluations, the market value of residential property has changed greatly.
The assessment value is just one of many variables used to determine property tax rates. A change in your property’s assessed value does not necessarily indicate an increase or decrease in the amount of property taxes you will pay. However, it does reflect the most recent market value of your property and helps to ensure all property owners are paying their appropriate share of taxes to support local school, technical college, county and municipal government services in our community.
FREQUENTLY ASKED QUESTIONS
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?
This ensures all property owners are paying their appropriate share of property taxes. The last time assessments were brought to market value was five years ago in 2014 when a full revaluation was completed.
3. Will my property values 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.
4. Will the assessor need to view the inside of my property?
The assessor will only view properties that changed from the previous year, this includes, new construction, property splits, and properties that were issued a building permit during 2018.
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 reasonable comparable buildings, and inflation will influence the value of your real estate.
6. 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.
7. What if I don’t agree with my assessment?
Once you have received your value change notice, 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.
8. 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.
9. What evidence do I need to present to the Board of Review?
The best evidence of value is the recent sales price of your property (To ensure an accurate assessment of your property, it is to your advantage to allow the assessment personnel inside your property when an inspection is requested.) By denying an inspection, you lose your right to appeal your assessment to the Board of Review.
10. What if there hasn’t been a recent arm’s-length sale of my property?
The next best evidence is the arm’s-length sales of reasonably comparable properties. These are properties like yours in location, age, style, condition, and other features that affect market value, such as the number of bathrooms, bedrooms, and size of garage.
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 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 VS. 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 assessors be within 10% (higher or lower) of the State’s Fair Market Value.