Milwaukee South News

The Village is conducting a market revaluation in 2024 to update property assessments. This process involves reviewing all assessments using data from recently sold properties. The previous Village-wide revaluation took place in 2022, based on sales from 2020 and 2021. Since then, the assessment ratio has decreased to 87.2% of market value and would have fallen further to around 77% without the current revaluation. Wisconsin Statutes mandate that jurisdictions assess within 10% of market value at least once every five years.

The 2024 revaluation considers sales between February 2022 and December 2023 to estimate fair market values as of January 1, 2024. The aim is to ensure equitable tax distribution and compliance with state laws.

Key dates for property owners include:

- Revaluation Notices: "Village Assessor Sam Monroe from Tyler Technologies will mail revaluation notices to property owners by July 26." These notices will detail the new assessment amounts and information about the Open Book process for reviewing assessments.

- Open Book Sessions: From August 5 to August 30, property owners can schedule appointments at the Safety Center to review and correct any assessment errors.

- Board of Review: "The Board of Review will meet on September 17 to consider any objections."

It is important for property owners to note that an increase in assessment does not automatically mean higher taxes unless it surpasses the average change across the Village. The preliminary assessment roll for 2024 indicates an average increase of 12.5% compared to last year.

For additional details, resources such as the Village Assessor webpage, FAQ document, and Wisconsin's guide for property owners are available.