Frequently Asked Questions

Under Wisconsin state law, property assessments must be based on fair market value. Estimating the market value of a property is a matter of determining the price a typical buyer would pay for it in its present condition. Factors the Assessor considers include the recent sale prices of similar properties, the current cost of reconstructing and replacing the building, and the rent it may earn.

Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property.

An Open Book period is held for several weeks after annual property assessment notices are mailed out in spring. During this time, property owners can schedule an appointment with the Assessor, and request that the Assessor change the assessed value assigned to a property.

After Open Book concludes, property owners may appeal their assessed value to the Village Board of Review. The Board will meet to hear testimony from property owners and consider their appeals.

Yes. Wisconsin law requires that the property owner must be notified whenever an assessment is changed.

Certain improvements that increase the market value of a property will also increase the assessed value. The following improvements will likely increase the assessed value of a property: building additions, added rooms, new garages, renovating kitchens or baths, replacing wood or asbestos siding with vinyl or aluminum, and installing central air conditioning or fireplaces. Contact the Assessor’s office for guidance on whether a project may affect a property’s assessed value.

General economic conditions such as interest rates, inflation rates, supply and demand, property sale prices, and changes in tax laws influence the value of real estate. As property values change in the open market, those changes must be reflected in the assessed values.