How is property valued?
The Assessor assigns a Real Market Value (RMV) to every property in the county. With the implementation of Measure 50, there is no longer a pre-established cycle for reappraisal. Statistical indicators from a variety of sources, including information derived from sales verifications, provide the basis for changes made to various market areas throughout the county. However, properties that have changed and new construction are appraised for the appropriate assessment year to reflect the changes.
Wisconsin Law requires property assessments to be based equitably on fair market value. Estimating the market value of your property is a matter of determining the price a typical buyer would pay for it in its present condition. Your assessment is based on two things: 1) detailed information about your property and 2) local real estate market conditions. If you have taken out a building permit or recently purchased your home, you may remember being visited by a representative of the Assessor’s Office some time in the last year or two. The representative, or “data collector”, came to your property to gather information about its size, age, number of rooms, when it was last sold, etc. At the same time, Assessment Office appraisers were researching local market conditions that impact your property’s value — such as building materials and labor costs, depreciation factors, and local real estate sales. The findings of the property inspections and market analysis are then entered into the
