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Assessment Property Classes
Residential Historical Assessment
Tax Rates: All Government Units
Glossary of Assessor Terms
City Assessor's Office City Hall - Rm. 106 730 Washington Ave. Racine, WI 53403 Main Phone: 262-636-9119
Below you will find some of the most common questions that come to our office.
A revaluation is a complete and thorough review of all assessments. During a revaluation all assessments are examined and adjustments are made where necessary to guarantee that all property is assessed at market value. This is done to assure that taxes are distributed equitably and uniformly.
Wisconsin Law requires all municipalities to assess property at market value.
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 a typical buyer would pay for it in its present condition. Some factors the assessor considers are: what similar properties are selling for, what it would cost to replace your property, the rent it may earn, and any other factors that affect value.
IT IS IMPORTANT TO REMEMBER THAT THE ASSESSOR DOES NOT CREATE THIS VALUE, BUT RATHER INTERPRETS WHAT IS HAPPENING IN THE MARKET PLACE.
Generally speaking, improvements that increase the market value of a property will increase the assessed value. The following are typical items that will increase the assessed value or your property:
Good maintenance will help retain the market value of your property. Generally, your assessment will not be increased for individual minor repairs such as those that follow; however, a combination of several of these items could result in an increased assessment.
There are differences between individual properties and between neighborhoods. In one area the sales may indicate a substantial increase in value in a given year. In another neighborhood there may be no change in value, or even a decrease in property values.
Different types of properties within the same neighborhood may also show different value changes. For example, one-story houses may be in more demand than two-story houses, or vice-versa. Older homes in the same area may be rising in value more slowly than newer homes.
There are numerous factors to be considered in each property which will cause the values to differ. Some of the factors which can affect value are location, condition, size, quality, number of baths, basement finish, garages, and many others.
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