Some homeowners concerned about tax increases after property assessments released
MILWAUKEE (CBS 58) - Many property owners in southeast Wisconsin got notices in the mail about their new property assessments.
"Totally shocked," said Caryle Jinright of Milwaukee.
Jinright has lived in her home for about 30 years. It was previously assessed for about $140,000 and in the notice, it said her home is now worth $170,000.
The City of Milwaukee does property assessments every year but for municipalities like the City of Wauwatosa and Glendale, they do it every few years. It's a state regulation to make sure properties are assessed at fair and current market value.
There are a lot of factors when assessing a home from location to age, to how much the home next door sold for.
Wauwatosa had its last revaluation in 2013.
"My home went up 55% percent, so it was a shock, there's no doubt," said Mayor Kathy Ehley. "But when my husband and I thought about it, we felt like this was a fair value, because we know the homes selling in this area."
Not every home will see an increase in their property value, but some homeowners are concerned about it how it may impact their tax bill.
"I don't have money to keep spilling into excessively high property tax," said Jinright.
Municipalities says they cannot predict what the impact will be on your actual tax bill, because there are other factors - like the change in the budgeted property tax levy for the city, schools, sewer district and county, the number of tax credits funded by the state, and the relative size of the city's equalized tax base compared to other counties.
These factors will not be finalized until closer to the end of the year.
"Mine went up more than $20,000, I was thrilled. I was like great my house is worth more, because I also do understand that the way the levy works it doesn't mean I am going to necessarily pay more in taxes," said Bryan Kennedy, Glendale Mayor.
The cities have held open session and meetings to answer questions about the assessment. Residents have the option to appeal. For more information, reach out to your local assessor.