Your property is being reassessed this summer.
State law requires periodic revaluations to ensure that the property tax burden is distributed evenly – so that all property owners pay only their fair share based on the market value of their homes, businesses and other property.
South Milwaukee’s last reassessment was in 2007, but the housing and commercial property market in South Milwaukee and beyond has obviously changed since then … for the worse. The end result? Property values have declined, on average, 10 percent or more in South Milwaukee.
Of course, this is an average. Some will have lost more value, while others may have lost less, and even appreciated.
So, what about your property? You should receive your new assessment in the mail in about a month. This document answering some commonly asked questions will be included.
Here are some key facts from it:
- 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.
- You can question, and, if necessary, challenge, your reassessment. That process is clearly laid out in the letter accompanying your revaluation notice.
I hope this helps answer some of the questions I’ve been getting about the revaluation. The state Department of Revenue also has some helpful information on its website.
I will keep you posted as the assessment date nears. And, as always, please post your comments below, or contact me anytime.
(Thanks to City Assessor Dan Walker and his team for this information. Once you get your assessment, feel free to contact Dan and his staff at City Hall. Details are in the Q&A.)
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