Housing market could pose challenge for Milwaukee's upcoming property tax assessment

MILWAUKEE (CBS 58) -- The real estate market has been anything but calm over the past few years, and that could pose a challenge for the city of Milwaukee's upcoming property tax assessment.

Each taxable property in the city is assessed periodically to determine a property owner's share of the overall tax levy. 

This reassessment is designed to fairly allocate each taxpayer's portion of the taxes collected. 

The reassessment didn't happen last year, and this year we're facing higher real estate prices and a hot housing market overall. 

For many taxpayers, the upcoming reassessment will include significantly higher valuations, but that does not necessarily mean a person's tax bill will increase.

Those notices are expected to go out soon.