The family across the street was foreclosed on by the bank who sold their home for a lot less than the assessed value. Isn’t that proof my assessment should be lowered?
Usually not. Foreclosed properties are being marketed under duress and frequently sell at discount prices. While there have been more foreclosure-related sales during 2008 and 2009 than any time during the past 20 years, foreclosure sales have always been part of the market. In this downturn, Wisconsin has fared better than most states as real estate values adjust to the economic climate. Just as foreclosure-related sales are frequently not an indicator of market value when values are rising, they are not necessarily an indicator of value in a declining market and are not normally considered by the assessor when determining the market value of property in a community. In fact, Wisconsin law, appraisal standards, and Wisconsin courts, require very specific criteria for a sale to be considered as a reliable indicator of market value. Two of the most important of these criteria are whether the sale occurred under duress (such as a forced sale) and whether the property had adequate market
