​City undergoes revaluation

WISCONSIN RAPIDS – The City of Wisconsin Rapids is undergoing a city-wide revaluation for the 2024 assessment year. The Wisconsin Department of Revenue statutes require municipalities to be within 10% of market value (between 90% - 110% of market value) to be considered in compliance and the City is not in compliance (the City’s most recent overall ratio was 71.74% in 2023).

A revaluation is a process by which the assessors go through each property record in the city and give it a new value (they revalue each property). The goal of revaluation is to produce accurate and equitable values on properties and city-wide. This means that assessments should reflect market sale prices, and properties with comparable amenities should be assessed similarly. Most of the work will be done in the office and through drive-by review. If you want someone to go through your home, the Assessor’s office will accommodate your request. Revaluation letters were mailed to property owners last week.

Assessments can impact property taxes, because tax rates are built using two numbers: total City valuation and total City budget. The tax rate then gets applied to each individual property’s valuation to determine what amount of taxes each property is responsible for. Given that the budget is put in place after the values are set, there is no way to determine exact tax rates or amounts during the revaluation. However, some property owners may see a decrease in both assessed value and taxes owed, some may see an increase in both value and taxes owed, and some may see an increase or decrease in value and the opposite in taxes owed. A property’s value going up does not alone cause a higher tax amount owed.

All property data is available at www.assessordata.org. Property owners are encouraged to look at and verify their property information and notify the Assessor’s Office of any discrepancies they find.

More information can be found online:
City of Wisconsin Rapids Assessor’s Office Webpage
City of Wisconsin Rapids Revaluation FAQs
Making Sense of Assessments
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Questions about assessments can be directed to the Assessor’s Office at 715-421-8230 or [email protected].