NOW:53207:USA00949
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA00949
68°
H 80° L 60°
Cloudy | 5MPH

City property may be reassessed

Sept. 4, 2008

Conducting citywide reassessments next year likely would benefit St. Francis homeowners and bring the city into compliance with state statutes, City Assessor Keith Munson told the Common Council recently.

Properties were last assessed in 2004.

Munson said the council could legally postpone the reassessments that need to be accomplished by 2010, but it would not be in the city’s best interest to do so. If the city were to delay reassessments by another year, staff from the Wisconsin Department of Revenue would intervene because it would be five years since reassessments were conducted in St. Francis.

The municipality also has not been in compliance with state statutes for the past two years.

“We’re out of compliance, we’re out of compliance not only within our (assessed) ratio, but we’re out of compliance between residential and commercial properties,” he said during an Aug. 19 meeting.

State law requires residential and commercial properties to be assessed within 90 percent of fair market value, and the city’s total ratio is at 80.7 percent, according to a letter submitted by Munson.

“Our ratio is at the point where a revaluation is definitely required to maintain assessment quality,” he said.

Because more businesses have been established in the community since 2004, a reassessment would shift taxes from residents to businesses, which are underassessed, Munson said.

“If taxpayers haven’t done major improvements, their taxes would go down a small amount,” he said.

But for those residents whose taxes would increase, someone else’s taxes would decline because the assessments redistribute numbers based on current market values, which have not decreased since 2004.

This year, real estate sales are up by 1.2 percent. While foreclosure sales have gone down, they are not included in the reassessment formula because they are not considered market transactions.

The longer the city delays in conducting reassessments, the harder it is for taxpayers to financially absorb market changes, Munson said.

Although foreclosures are excluded in the reassessment formula, foreclosures have been a factor causing a hike in apartment building sales.

City Administrator Ralph Voltner said apartment building owners can expect to see their taxes increase.

Prior to the discussion, Sue Bostedt, 1st District alderwoman, submitted a letter to the Common Council requesting members postpone reassessing residents’ properties “due to the unstable real estate market, the recession and hardship this would bring on our residents.”

After learning that if reassessments are not completed by 2009 the state will intervene, Bostedt agreed they should be conducted as soon as possible.

“It would be very expensive to the city if the state had to step in,” she said after the meeting.

If a revaluation is approved, the new assessments will appear on property owner’s tax bills in December 2009, Munson said.

Chantel Balzell can be reached at (262) 446-6602.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Suburban News Roundup

E-mail Newsletter

Your link to the biggest stories in the suburbs delivered Thursday mornings.


Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter
Get the Newsletter!

Login or Register to manage all your newsletter preferences.

Community Watch

» The Rock announces July Fourth celebration plans 7/2

» Oak Creek-Franklin parent group pushes for larger school board membership 7/1

» Oak Creek baseball team raises $2,300 for autism aid, research 6/30

» Opportunistic Franklin baseball team surges past Oak Creek 6/30

» Video: Oak Creek-Franklin flips coin to determine task force chair; parents invited to apply Updated:  6/30

» Menomonee Falls' ace Weber returns and stymies Oak Creek, 6-2 6/29

» Greendale School District appoints new director of business services 6/29

» Franklin baseball team takes advantage of walks to upset Creek, 12-8 6/27

» #RisingForCharleston Service to support victims of church shooting, request stricter gun laws 6/26

» New, accessible features at Boerner Botanical Gardens open July 28 6/26

» Forest Park Middle School named school of distinction, merit 6/26

» Oak Creek-Franklin Superintendent Sara Burmeister retires 6/25

» Oak Creek-Franklin board forms new committee to deal with school boundaries debate Updated:  6/23

» Father, son rescued from cliff at Sheridan Park in Cudahy 6/23

» Omega Burger owners in Franklin charged for violating federal tax laws 6/23

» Franklin restaurant family charged with skimming cash from restaurants 6/23

» 2015 4th of July events in suburban Milwaukee 6/22

» 13,000 people without power in Milwaukee County 6/22

» Proposed changes to Oak Creek Water and Sewer Utility Commission rejected 6/22

» Hazardous weather to hit Milwaukee Co. 6/22

» 3-on-3 tourney set for Franklin on July 25 6/19

» Greendale student elected 2015 Badger Boys State Governor 6/19

» St. Francis to provide $9.9 million to help finance apartment project 6/19

» Upcoming Culver's fundraiser to benefit local woman with cancer 6/19

» Greendale Family 4th Fest begins July 2 6/18

View All Posts Got a tip? Welcome rss

Advertisement

Advertisement

Advertisement

Local Business Directory

CONNECT    

Most Popular