Milwaukee property assessments going up
Values up 17.4% citywide, up by 26.85% in District 1
Property assessments are arriving in Milwaukee mailboxes, and values across the city are going up.
Citywide, values increased 17.4% from 2023 to 2024, according to the Assessor’s Office.
Assessed values increased in all aldermanic districts by at least 14% for residential properties and at least 10% for commercial properties.
“The Assessor’s Office utilizes market data to assess property values,” the office said in the statement. “Given the recent overall increase in real estate values, property owners may witness an uptick in their property’s assessed value.”
Property assessments are conducted by the city Assessor’s Office to establish a value for your property. This value is then used to determine your annual property tax bill, something that does not happen until the budget for the city — and other taxing units, such as the county and Milwaukee Public Schools — is set in the fall.
All of the city’s 15 aldermanic districts saw assessments rise, though there was quite a range in terms of how much they increased, according to the Assessor’s Office.
At the high end, the assessed value of residential property increased 26.85% in District 1 on the city’s north side, while District 4, which encompasses much of downtown and the near west side, saw the smallest increase at 14.02%.
The range depends on the neighborhood and should generally be aligned with other comparable homes in the area.
How is your home’s value determined?
“State law mandates that property assessments be based on fair market value,” according to a statement from the Assessor’s Office. “Assessor’s Office employees may reference recent property sales prices, actual market sales of similar properties, or, in the case of commercial properties, the potential rental income.”
Assessments are based on a comparison of homes to similar ones that have sold over the past year. Thus, property owners can see values go up even if they have not made improvements — and even if they don’t intend to.
If that happens and the assessment seems incomparable to how you would assess your house, the Assessor’s Office suggests homeowners file an appeal.
2023 was a ‘maintenance year’
Last year was a “maintenance year,” when assessments from 2022 were used and values were updated “when changes warrant,” according to the Assessor’s Office website. Changes could include new construction, changes in parcel size, remodeling, demolition and more. They do not necessarily result in a change in value.
In a “revaluation” year like 2024,
assessed values for most properties will change.
“In a revaluation, the assessor looks at the prior years’ sales to update assessments citywide, in addition to the property changes and corrections reviewed for a maintenance assessment,” the website states.
How do assessments affect taxes?
A home’s annual property tax bill is determined by multiplying the property assessment by the local tax rate.
The local tax rate is determined by dividing the tax levy by total taxable property value in an area.
The city tax levy is the amount that will be set by the Common Council and Mayor Cavalier Johnson during the budget process this fall.
Once the levy is set, payments are spread across the overall value of taxable property in the city. Thus, how individual property owners fare depends less on their individual assessment, and more on whether an increase was above or below the average change in assessments citywide.
When are taxes, appeals due?
Tax bills are mailed in December. In Milwaukee, Jan. 31 is the deadline to provide full payment of taxes, or for those paying in installments, the deadline of the first installment payment.
Many opt to pay before Dec. 31 for tax purposes.
Property owners in Milwaukee have until 4:45 p.m. on May 20 to file an appeal of their assessments.
The first step to filing an appeal is to contact the Assessor’s Office.
The Assessor’s Office can be reached:
● Online at https://city.milwaukee .gov/assessor
● By email at assessor@milwaukee .gov
● Phone from 8 a.m. to 4:45 p.m. Monday through Friday. Questions about appeals and assistance can be directed to 414-286-6565. The Assessor’s Office general phone number is 414286-3651.
The second step is to request an appeal form and return it by 4:45 p.m. on May 20.
The office recommends that evidence be submitted with appeals. For residential property owners, that could be a copy of a recent appraisal, recent market analysis from a local real estate agent, photos of the inside or outside of the home showing areas that need maintenance, and photos showing features that weren’t part of the home as of Jan. 1 of the current year but that are listed on the Assessor’s Office’s property record card.
After appeals have been submitted, they will be reviewed by the property appraiser, whose conclusions will be sent to the Board of Assessors for review. That board will send its conclusions in written form.
Property owners who do not agree with the Board of Assessors can ask for a Board of Review hearing.