My Property Tax Bill Says My House Is Worth....

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

'Tis the Season....amidst the holiday greetings, annual letters, catalogs and sales flyers is the holiday greeting from the municipality in which tax billyou live ...better known as your Property Tax Bill.  We have a bet every year at our house...whoever comes closest without going over the actual amount wins...prize to be determined !

 The tax bill details the "Assessed value" of the land and the "improvements"...your house, garage, any permanent structures and the total amount is the amount on which a resident is taxed. In Wisconsin, a primary residence also receives a tax credit from the lottery and the balance is what is owed to the city.

   In the days of falling market values...Homeowners clung to the "total assessmentassessed value" wanting it desperately to be the amount their home was worth  rather than owing more on the mortgage than the market would pay.

   The simple truth is....the government doesn't visit your home to determine the value...they don't know if you updated the interior (sans the things you may have done that required a permit.) They can't see your new carpet...or fresh paint or may shiny new appliances and light fixtures.  "They" don't know what the list price of your house should be....they DO know what it costs to run the city, town, village. The staff, fire and police departments..street

maintenance, plowing, parks and recreation maintenance and improvements. The list continues depending upon what services are supplied by each part of the government...city, county or state.  Each gets their share of the bill you pay.

    Some cities/counties have had referendums to determine if the residents support funding of a major addition/improvement...a new school, city hall...once upon a time in southeastern Wisconsin...a stadium with a retractable roof. If the referendum passes, that assessed amount becomes a line item added to the bill.  

      Is your "Assessed Value" the list price of your home ? No it is not...to determine the list price...call a qualified, experienced Real Estate agent in your area.  In the southeasternWisconsin counties of Kenosha, Racine, Milwaukee, Walworth, Waukesha, Ozaukee, Washington and Jefferson,  call Sally K. & David L. Hanson, Broker Associates with EXP Realty, honored to be of service for all things real estate.

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Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
4,038,002
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sally, interesting your tax bill would have a value on this form.  Colorado doesn't do that.

Dec 14, 2018 05:39 AM #1
Rainer
326,750
Dena Smith
DSmith Realtors - Irving, TX

Colorado doesn't provide a value? How do they determine the amount of taxes?

Texas provides a value and the tax credit is called a Homestead Exemption, which provides a bundle of legal rights.

Dec 14, 2018 05:57 AM #2
Rainmaker
4,904,614
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Sally K. & David L. Hanson (Sally)...our assessed value is for tax purposes and is not fair market value.... we are at 100% assessment but it's behind by at least one year!!

Dec 14, 2018 05:59 AM #3
Rainmaker
1,785,900
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

So well said Sally K. & David L. Hanson and all potential sellers need to understand...with help from the notorious WI SKH!

Dec 14, 2018 06:10 AM #4
Rainmaker
1,492,715
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Good morning Sally K. & David L. Hanson, this is a great post, the assessed value doesn't mean fair market value nor those third-party sites that show estimates.

Dec 14, 2018 06:42 AM #5
Rainmaker
1,839,329
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

We just got our tax bill and paid it.  Our county always says that the assessed value is the value of the house.  But I see when houses are sold that it simply is not.

Dec 14, 2018 07:35 AM #6
Rainmaker
3,210,568
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

The real estate market changes with the economy Jay Markanich  and the government can't possibly change the tax structure with the whims of the market...people choose to believe what works for them.

Dec 14, 2018 07:37 AM #7
Rainmaker
5,305,040
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Smart home sellers do not rely upon tax bill data for their home evaluation.

Dec 14, 2018 08:25 AM #8
Rainmaker
1,868,303
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Sally and David - I certainly would not want the assessed value to be the list on my home.  We have a rather archaic system of assessment in New York.

Dec 14, 2018 09:51 AM #9
Rainmaker
3,139,568
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Absolutely Sally. The government doesn't visit your house and has no idea of what's inside. It doesn't mean fair market value, or the value a buyer puts on it...

Dec 14, 2018 10:00 AM #10
Rainmaker
1,518,242
Amanda S. Davidson
Amanda Davidson Real Estate Group Brokered By eXp Realty - Ashburn, VA
Alexandria Virginia Homes For Sale

Sally, yes to your post! You explained it perfectly. This is a question that seems to come up very often.

Dec 14, 2018 11:03 AM #11
Rainmaker
3,978,839
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

To xplain to sellers I ask f anyone from the county ssessors office had been there lately.  If not, how do they know what your home is like

Dec 14, 2018 03:24 PM #12
Ambassador
3,802,136
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David- this is important information especially when people are from out of state. 

Dec 14, 2018 05:40 PM #13
Rainmaker
3,210,568
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

While we believe that every Buyer is best served by an experienced Buyer's agent Kathy Streib  it is especially to have such representation with a professional in that area when you are moving from of state.

Dec 14, 2018 06:01 PM #14
Rainmaker
4,796,627
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

This is a common misconception from all over the country.  Though, it is interesting that homeowners with high assessments believe them and those with low assessments don't.

Dec 15, 2018 07:46 AM #15
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Rainmaker
3,210,568

Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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