Number
200035
Version
SUBSTITUE 1
Reference
Sponsor
ALD. BORKOWSKI
Title
Substitute resolution directing the Commissioner of Assessments to freeze property assessments at pre-reassessment values until further notice.
Analysis
This resolution directs the Commissioner of Assessments to freeze real property assessments at 2019 values until further notice, with the exception of commercial properties and new construction.
Body
Whereas, The Assessor’s Office is responsible for estimating the market value of all locally-assessable property in Milwaukee each year; and
Whereas, The Assessor’s Office recently completed the revaluation process and issued 2020 notices of assessment to Milwaukee property owners; and
Whereas, According to the Assessor’s Office, consecutive years of increasing market values in Milwaukee have led to, for the first time, a combined value of residential and commercial properties exceeding the value prior to the 2008 financial collapse; and
Whereas, According to the Assessor’s Office, property values in all 15 aldermanic districts increased by 9.14%; and
Whereas, The average 2020 residential property assessment increased by 11.95% from 2019, more than double the average commercial property assessment increase of 5.33%; and
Whereas, Many residential property owners have been surprised by significant increases in their property’s assessed value due to the 2020 revaluation; and
Whereas, The 2020 property revaluations have come at a particularly trying time, as Milwaukee has been impacted by local and state-wide business shut-downs and stay-at-home orders related to the COVID-19 pandemic; and
Whereas, Unemployment has soared in Wisconsin and Milwaukee due to the COVID-19 pandemic, with nearly 443,000 new unemployment claims filed state-wide since March 14, representing 14.2% of the state’s labor force; and
Whereas, Economic activity has likewise sharply decreased in Milwaukee and Wisconsin, corresponding to a nationwide 4.8% reducti...
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