Taking action against unfair property assessments
MILWAUKEE - If you were one of the many who recently got a letter about a big change in the value of your property, listen up.
You need to take action quickly if you disagree with this valuation.
Why do property owners need to pay attention to their assessment at this time?
When you receive a notice that there is a change in the assessed value of your property, you only have a limited period of time to contest this valuation.
If you do not take action within a couple of weeks, the valuation stands, and you could be stuck with some unfortunate consequences such as lower property values that could make it hard to refinance or higher property tax bills at the end of the year.
If your assessment goes down, does that mean that your taxes will go down as well?
Not necessarily, especially if your entire city has undergone a revaluation.
The tax rate is based on various budgets and is applied to each property accordingly.
If most or all of the property values decreased in your city, but the tax rate increased, you could have a higher tax bill at the end of year.
If you do not agree with the valuation placed on your property, what should you do?
First, get an appointment early with your assessor's office to review the information used for the assessment.
If you notice an error or have other information such as a recent appraisal that contradicts the valuation, the assessor may be able to work with you to make an adjustment.
If you are unable to meet with the assessor, you may be able to file an objection with a board of assessors.
If you are dissatisfied with the response from your assessor or board of assessors, you can file an intent to object with the board of review, and ultimately appeal to the Wisconsin Department of Revenue or circuit court if necessary.
However, keep in mind, in order to be successful in having the valuation of your property adjusted, you need to have proof of why this adjustment should be made, and you need to do this in a timely manner.