Information
The following links and documents are very valuable resources for property owners:
2009 Guide for Property Owners - A guide to help understand the Wisconsin property assessment process.
2009 Property Assessment Appeal Guide - A guide to help understand the appeals process.
Property Assessments in a Declining Market - An informational brochure explaining how real estate trends affect property assessments and how assessed value relates to the property tax bill.
Computer Exemption Guidelines - Detailed guideline of computer and related equipment.
Forms
2010 Wisconsin Statement of Personal Property
Tax Exemption Request - for non-profit organizations
FAQ's
1. 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.
2. 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.
3. How does the assessor value property?
Wisconsin law requires that property assessments be 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.
4. 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 were present, this would be a market value, arm's-length sale.
5. Can the assessment on my property change even if the assessor has not been inside my building?
To make a proper assessment of a dwelling or other 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's office has a vast amount of historical 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.
6. Will I be penalized if I don't let the assessor in when an inspection is requested?
When an interior inspection is unavailable or 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.
7. What will happen to my assessment if I improve my property?
Generally speaking, improvements that increase the market value of a property will increase the assessed value. The following are typical items that will increase the assessed value of your property:
• Added rooms or garages
• Updating old windows and siding
• Substantial modernization of kitchens or baths
• Central air conditioning
• Adding Fireplaces, Decks, Porches, Sheds, etc.
• Extensive remodeling or updating, etc.
8. Why does the City have to conduct revaluations?
The City of Neenah Assessor's Office revalues all property on a quasi-cyclical nature to keep pace with changes in the market, as dictated by Wisconsin Statutes Chapter 70. The City must maintain its assessed values within 10% of true full market value within a specified time period. During a revaluation year, all assessments are examined and adjustments are made where necessary to guarantee that all properties are assessed at market value. This is done to assure that taxes are distributed equitably and uniformly.
9. Do all assessments change at the same rate?
There are differences between individual properties and between neighborhoods. In one area, the sales may indicate a substantial increase in value in a given year. In another neighborhood there may be no change in value, or even possibly a decrease in property values. Different types of properties within the same neighborhood may also show different value changes. For example, one-story houses may be more in demand than two-story houses, or vice-versa. Older homes in the same area may be rising in value more slowly than newer homes. There are numerous factors to be considered in each property that will cause the values to differ. Some of the factors that can affect value are location, condition, size, quality, number of baths, basement finish, garages, and many others.
10. Will I be notified if there is a change in my assessment?
Wisconsin law requires that whenever an assessment is changed the owner must be notified.
11. How do I know if my assessment is fair?
You should first attempt to decide for yourself what your property is worth. This can be done by looking at area sales, contacting appraisers, and comparing assessments of similar homes. Sales and assessment information is open to the public for review and available in the Assessor's office during regular business hours.
Additional questions and information can be reviewing in the Wisconsin Department of Revenue publication 2009 Guide For Property Owners.
