Services ยป Property & Land Information

Property Values

Font Size: + -
Share & Bookmark, Press Enter to show all options, press Tab go to next option
Print

How are Property Values Calculated

There are two important terms associated with property values:

  • Assessed Value - The dollar value placed on a parcel of property by the Assessor. It is computed by analyzing thousands of individual sale transactions and thousands of inspections It is the Assessor's estimate of market value. It is important for maintaining equity between and among all taxpayers in the municipality.
  • Estimated Fair Market Value - This is calculated by dividing the property's total assessed valued by the average assessment ratio. This ratio is applied to all property, including personal property, regardless of type or location of the property. In theory, this should approximate the current market value of the property. This value estimate is determined by the Department of Revenue (DOR).

While both values appear on your tax bill, the Assessed Value is true value of the home and in all cases, is used to calculate your property taxes.

Assessment Process

The assessor is a state certified professional whose duties are to discover, list, and place a value on all taxable real and personal property in the county. The assessor is not involved in the collection of the property tax. Wisconsin law requires that property assessments be based on fair market value. Estimating the market value of your property is a matter of determining the price that a typical buyer would pay for the property in its present condition. It is important to remember that the assessor does not create this value, but rather interprets what is happening in the real estate market. Some factors the assessor considers are:

  • The selling prices of similar properties
  • The cost to replace your property
  • Renting potential

Appeal Process

If you don't agree with the assessed value, you can make an appeal.

  1. Call your assessor. During this informal session you can learn how your assessment was made, what factors were considered, and what type of records we keep about your property. Assessor contact information by municipality is available should you need it.
  2. If you still disagree, the next step is to file an objection with the Board of Review. The property owner must provide the Municipal Clerk with a written or oral notice of intent to file an objection at least 48 hours before the Board's first scheduled meeting. The Board can waive the 48 hour notice requirement if the property owner shows good cause for failing to meet the requirement or provides evidence of extraordinary circumstances. Objections must be in writing and should be filed with the Municipal Clerk within the first two hours of the Board's first scheduled meeting. The Board of Review usually requires an objection to be filed on standard forms which are available either from the Municipal Clerk or County Property Description office.
    • The basic function of the Board is to listen to evidence presented by both the property owner and assessor and then determine if the assessed value of the property is correct. Each municipality sets a Board of Review date depending on when assessments are complete. Board of Review meets anytime after the 2nd Monday in May. Each municipality sets an open book & Board of Review dates. Please contact your assessor for the exact date. A notice is posted and published. If there are not many appeals, the Board will usually complete its business during their first session. Once the Board has heard all appeals and adjourned, no further assessment objections can be considered until the following year. When you receive your tax statement in December, it is too late to file an objection for the current assessment. Paying your taxes under protest does not constitute a formal assessment objection.
    • Your evidence must be strong enough to prove that the assessor's value is incorrect. Stating that property taxes are too high is not relevant testimony. You should establish in your own mind what you think your property is worth. The best evidence for this would be a recent sale price of your property. The next best evidence would be recent sales prices of properties that are similar to yours. The closer in proximity and similarity, the better the evidence. Another type of evidence is oral testimony from a witness who has made a recent appraisal of your property.
  3. If you don't agree with the Board of Review decision, the next step is an appeal to either the Wisconsin Department of Revenue or the Circuit Court.
    • Wisconsin Department of Revenue: Wisconsin law provides for a written appeal of the Board's decision to the Department of Revenue within 20 days after receipt of the decision or within 30 days of the Clerk's affidavit. A $100 filing fee is required. The fair market value of the items or parcels being appealed cannot exceed $1 million. The Department may revalue the property anytime before November 1 of the assessment year or within 60 days after receiving the appeal, whichever is later. If adjusted, the value is substituted for the original value and taxes paid accordingly. Appeal of the Department's decision is to the circuit court.
    • Circuit Court: An appeal to the circuit court must be made within 90 days after adjournment of the Board of Review. The court will then make a decision based solely on the testimony that was presented to the Board of Review. When your case goes before the circuit court, the court will review the record that was created at your Board of Review hearing and make its decision.

FAQs

  • What authority does the County have to conduct a revaluation?

    Wisconsin Law requires market value assessment of all property. The County has no authority, each municipality does have authority to contract with the assessor.

  • Can the assessment on my property be changed even if the Assessor has not been inside my property?

    To make a proper assessment on a building, it is desirable for the Assessor to see the inside and the outside of the property. The law requires that property be valued from actual view or the best information available. The Assessor keeps records on the physical characteristics of each property in the municipality. Even though the Assessor may have been unable to go through your property, the assessment will still be reviewed, based on the existing records and the sales of similar properties.

  • I've been told that everybody's taxes go up after a revaluation. Is this true?

    No, it is not. If the total levy remains the same, only those properties which are not presently paying their fair share will pay more taxes after a revaluation. Properties presently paying more than their fair share will pay less.

  • If Assessed Value is used for taxes, why does Estimated Fair Market Value exist?

    Back in the early 1980's, when the legislature passed the law that this be included on all tax bills, was a time across Wisconsin when Assessors for the over 1800 municipalities were not required to assess property at market value during any time interval. As a "truth in taxation" measure, the legislature thought it was important for their constituents to know what in terms of value their assessment actually meant. Because the DOR already prepared municipal "equalized values," the legislature thought that these estimates made at the municipal level should be provided at the property level. This was an easy answer to their problem. Remember, the intent was to show whether the assessment on a property was at all accurate. It was never meant to actually be your individual property estimate. But, at least from the taxpayer's standpoint, it meant more than the assessment--at that time. For instance if the assessor was assessing property in your municipality at 10% (and you had no idea of that fact) and your tax bill showed an assessment of $10,000 you might think "boy am I getting a good deal--I know my house is worth at least $60,000." However, if you realized that the $10,000 actually equated to approximately $100,000; you might not be so happy. (Since 1986, after this was enacted, the legislature tightened the law and we now are required to assess within 10% of market value at least once in every four year period.)

    The reason DOR equates all municipalities to an estimate of fair market value (actually equalized value) each year is to ensure the uniform distribution of shared taxes across municipalities. The assessor, on the other hand, assesses each property to make sure that each property pays their fair share of tax on an individual level. The estimated fair market value on the tax bill is a less reliable estimate than that prepared by the assessor. The DOR has never inspected any property in the County of Marathon. It is only to be used as a tool to check your assessment.

    State law requires assessor's be within 10% (higher or lower) of the state's equalized value ratio at least once in every 4 year period. Marathon County is not, nor ever has been, out of compliance with this requirement. The Department of Revenue allows this leeway because appraisal is not an exact science, and to allow for the different standards used by them versus a municipality.

  • In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. What is the "Assessment Ratio"?

    The relationship between the assessed value and equalized value of all taxable property within a municipality. For example, if the assessed value of all the taxable property in the County is $13,900,000,000 and the equalized value is $14,000,000,000 the assessment level would be 98.6%. Assessment Ratio = Assessed Value / Equalized Value.

  • Would taxes change if Estimated Fair Market Value was used instead of Assessed Value?

    No. If we used the "estimated fair market value" the taxes would not change. This is due to the fact that in order to meet the various budgets with a 1% lower tax base would require the rate to be increased by 1%; therefore, no tax change.

  • What is the difference between real and personal property?

    For property tax purposes, "real property" refers to land and buildings and the rights associated with ownership, while "personal property" is the furniture and equipment owned or used by businesses.