'Tis the Season....amidst the holiday greetings, annual letters, catalogs and sales flyers is the holiday greeting from the municipality in which you 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 assessed 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.