Number
020241
Version
SUBSTITUTE 2
Reference
Sponsor
ALD. BOHL
Title
Substitute resolution relating to continuation of biennial property revaluations by the Assessor's Office.
Analysis
This resolution expresses the Common Council's support for continuation of the practice of conducting citywide property revaluations on a biennial basis. It also requests the Assessor's Office to return to the practice of biennial revaluations immediately.
Body
Whereas, The January 1, 2002, revaluation of the City of Milwaukee showed a 12.4% increase in the total assessed value of property in the City over the past 2 years; and
Whereas, While this increase is reflective of the overall health of the real estate market in the City, increases of this magnitude may drive homeowners, businesses and employment out of the City; and
Whereas, The 2002 revaluation resulted in many instances of startlingly high assessment increases for individual properties, leaving many property owners wondering if they will be able to afford their property taxes; and
Whereas, A change to an annual revaluation would mean that Milwaukee property taxpayers would be faced with the generally stressful and upsetting news of assessment increases twice as frequently as they are currently; and
Whereas, Under s. 70.05, Wis. Stats., each taxation district is required to assess property at full value at least once every 5 years; and
Whereas, The City's practice of conducting revaluations biennially meets the spirit and intent of the statutory provisions on real property taxation while avoiding the additional costs of annual revaluations, including likely increases in expenses for the following: mailing of assessment notices; temporary staff to respond to questions and complaints from property owners; Board of Review appeal hearings and related staff time; additional walk-through property inspections; and
Whereas, The change in revaluation policy to annual reassessments coinc...
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