That’s how much value my home lost from 2010 to 2011 due to the revaluation.
Revaluation notices have been arriving in the last few weeks, and I thought I’d share details of my own, which is worse than the average anticipated decline of our around 10 percent across the city. Here are the messy details …
- In 2010, my four bedroom, 1.5-bath home at 1713 Cedar St. was assessed at $192,000, just shy of the $192,500 we paid for the house in November of 2006.
- In 2011, that had fallen $32,000 to $160,000, or 16.7 percent.
Is this disappointing? Yes, especially because this puts our refinancing plans in some jeopardy. Is it surprising? No.
I think we all know property values have fallen in recent years, and even a 16.7 percent decline over four years is honestly not that bad compared to some other areas across the country (even the state). We never had a bubble in South Milwaukee, so it never burst. But we also weren’t immune to the realities of the recession.
So I don’t plan to fight the revaluation, but details on how to do so can be found in my previous post on this topic and in this Q&A document prepared by the city.
Among the other key points to keep in mind:
- The new values take effect with your 2011 tax bill, which will be issued this December.
- Unless your property lost more value than the average for the city, your taxes will not go down due to the revaluation. The tax rate per $1,000 of value will go up because less value exists to share the tax burden.
