What authority does the City have to conduct a revaluation?
Wisconsin Law requires market value assessment of all property. The City of Cudahy Assessor's Office revalues all property periodically to keep pace with changes in the market. During a revaluation, all assessments are examined and adjustments are made where necessary to guarantee that all property is assessed at market value. This is done to assure that taxes are distributed equitably and uniformly.
What is the assessor's role?
The assessor is a state-certified individual whose duties are to discover, list and place a value on all taxable real and personal property in the city, in a uniform manner. The assessor is not involved in the collection of property taxes.
How can I get information about exempt properties?
CLICK HERE to be taken to the Wisconsin Association of Assessing Officers website.
What is the difference between real and personal property?
For property tax purposes, "real property" refers to land and buildings and the rights associated with ownership, while "personal property" is the furniture and equipment owned or used by businesses.
How does the assessor value property?
Wisconsin Law requires property assessments based on fair market value. Estimating the market value of your property is a matter of determining the price a typical buyer would pay for it in its present condition. Some factors the assessor considers are: what similar properties are selling for, what it would cost to replace your property, the rent it may earn, and any other factors that affect value.
IT IS IMPORTANT TO REMEMBER THAT THE ASSESSOR DOES NOT CREATE THIS VALUE, BUT RATHER INTERPRETS WHAT IS HAPPENING IN THE MARKET PLACE.
What is market value?
Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property. The seller and buyer must be unrelated, the seller must be willing but not under pressure to sell and the buyer must be willing but not under any obligation to buy. The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent and the financing must be typical for that type of property. If all of these conditions are present, this would be a market value, arm's-length sale.
I've heard you develop values by computer. Is this correct?
Just as in many other fields, computers are useful in the assessment process. Assessors are trained to look for relationships between property characteristics and market value. By coding these characteristics and studying sales prices, assessors can estimate value by developing formulas and models. Computers are much faster and are capable of advanced analysis in this area. But despite these capabilities, common sense and assessor judgment are always required to verify assessments. Assessors most familiar with the neighborhoods and properties and must review all assessments.
Can the assessment on my property be changed even if the assessor has not been inside my property?
To make a proper assessment on a building, it is desirable for the assessor to see the inside and the outside of the property. The law requires that property be valued from actual view or the best information available. The assessor keeps records on the physical characteristics of each property in the municipality. Even though the assessor may have been unable to go through your property, the assessment will still be reviewed, based on the existing records and the sales of similar properties.
Will I be penalized if I don't let the assessor in when an inspection is requested?
When an interior inspection is not allowed, the assessor will attempt to update the records by looking at the property from the outside and using any other available information. To ensure an accurate assessment, it is to your advantage to allow the assessor inside your property when an inspection is requested. By denying an inspection, you may lose the right to appeal your assessment to the Board of Review.