City of Oshkosh Assessment Information
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Guide for Property Owners
This guide provides general information about property assessment and taxation. Contact your local assessor for information about your property assessment and your local clerk for information about your property taxes.Property Assessment Appeal Guide
The purpose of this guide is to help property owners in Wisconsin understand how to appeal an assessed value.Zoning Code Descriptions
What is a revaluation?
What is the Assessor's role?
How does the Assessor value property?
What is market value?
What is Fair Market Value (FMV)?
Equalized values. What? Why?
Can the assessment on my property be changed even if the assessor has not been inside my property?
Will I be penalized if I don't let the assessor in when an inspection is requested?
I have recently built a new home. Will the construction costs be considered?
What will happen to my assessment if I improve my property?
Will my assessment go up if I repair my property?
How can my assessment change when I haven't done anything to my property?
Do all assessments change at the same rate?
Will I be notified if there is a change in my assessment?
How do I know if my assessment is correct?
What if I don't agree with my assessment?
After this review, if I still think the assessment is incorrect, what can I do?
What is the Board of Review?
What evidence do I need to present to the Board of Review?
What happens after the Board of Review makes its decision?
How will my taxes change as a result of the new assessment?
Where do my tax dollars go?
DATES TO REMEMBER
REAL ESTATE VALUATION CYCLE
A revaluation is a complete and thorough review of all assessments. 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.
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 municipality, in a uniform manner. The assessor is not involved in the collection of property taxes.
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.
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.
Fair Market value is based on the assessed value divided by the level of assessment. All valid commercial and residential sales are divided by their assessed value. The results are then weighted against total assessed values in the City of Oshkosh and the level of assessment is determined. This number is given to us by the State of Wisconsin Department of Revenue in the fall of the year.
In many Wisconsin municipalities assessed and full market (equalized) values
are not the same. One community may assess at 85% of market value, another at 100%. This makes it impossible to divide up school or
county property tax levies among member municipalities.
To make a proper assessment on a building, it is desirable for the assessor to see
the inside and the outside of the property.
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.
Your construction cost is an historical figure, which may or may not reflect the current market value of your property. It is only one element that will be considered.
Generally speaking, improvements that increase the market value
of a property will increase the assessed value.
Good maintenance will help retain the market value of your property. Generally,
your assessment will not be increased for individual minor repairs such as those that follow; however, a combination of several of these
items could result in an increased assessment.
General economic conditions such as interest rates, inflation rates, supply and demand, and changes in tax laws, will influence the value of real estate. As property values change in the market place, those changes must be reflected on the assessment roll.
No, 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 a decrease in property values.
Wisconsin law requires that whenever an assessment changes, the owner must be notified.
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 available in the Assessor's Office and open to the public for review during regular office hours.
THE APPEAL PROCESS
Talk with the assessor. During this informal session you can learn how your assessment was made.
You should arrange to appear at the Board of Review. The municipal clerk will provide you with an objection form that you must complete. You will then be scheduled for a hearing at the Board of Review. When you receive your tax bill in December, it is too late to file an objection. Paying your taxes under protest does not constitute an assessment objection unless you have first filed an appeal with the Board of Review.
The Board of Review is made up of either local officials or citizens appointed by the governing body. It is the Board's duty to hear evidence by the taxpayer and the assessor and to decide if the assessment is correct.
State law puts the burden of proof on the property owner to show that the assessment is incorrect.
Keep in mind that your evidence must be strong enough to prove that the assessor's value is incorrect. The Board will consider only relevant testimony
given at the hearing. STATING THAT PROPERTY TAXES ARE TOO HIGH IS NOT RELEVANT TESTIMONY. You should establish in your own mind what you think your
property is worth.
The Board will either give or mail you notice of its decision. The notice will contain information on how you may appeal the Board's decision if you do not agree with the Board's determination.
Though the value of your property affects your share of taxes, the actual amount you pay is determined
by the budget needs of the schools, city, county, sewer district, technical college, and state reforestation. All of these taxing units decide what services
they will provide in the coming year and how much money they will need to provide those services . Once this decision is made, a tax rate is adopted what will
generate the needed dollars. Your property taxes are then determined by multiplying the tax rate by your assessment.
Although your tax payments are made to the Treasurer, a large share of your tax dollars are turned over to other governmental units such as the schools, county, sewer district, and the state.
ASSESSED VALUE: An estimate of value assigned to taxable property by the assessor for purposes of taxation.
January 1st The assessment date All property is assessed as it existed on this date.
For additional information, contact the Assessor's Office at (920) 236-5070.