The Village of Shorewood will be performing a market revaluation of property assessments in 2021. Shorewood performs a revaluation of all properties every other year. The last revaluation was in 2019. Since then, the real estate market has changed and assessed values of individual properties may no longer reflect the current market values.
The state of Wisconsin is a Market Value state. This means property values are required to mirror the fair market value of comparable properties within certain statutory parameters to ensure that each property owner is paying their proportionate share of taxes based on assessments that reasonably reflect the current fair market property values.
The fair market value of all property is calculated by reviewing arm’s length sales between a willing seller and a willing buyer on the open market for similar properties. Assessors consider information from many sources to determine your assessment.
Assessors will be reviewing market sales from January 1, 2020 through December 31, 2020. Sales after the new year will not be used to determine your new value. The property tax bill you receive in December of 2021 will be based on the new assessment value of your property.
Assessors don’t set tax rates. There are no additional taxes collected by the village during a revaluation. The revaluation does not change the amount of tax collected by the village, county, school district or technical college. Property assessments only determine the share of the total taxes that will be attributed to each property.
Timeline of Revaluation:
- January - February: Assessor reviews previous year’s sales and market data
- January - March: “Trespass letter” will be sent to properties assessors need to visit
- February - April: Permits and sales are verified
- March - April: Comparable market data used to revalue all property
- May: Notice of new value will be mailed to property owners