This is done to assure that taxes are distributed equitably and uniformly. Wisconsin law requires all municipalities to assess property at market value at least once every five years. 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. Assessed Value An estimate of value assigned to taxable property by the assessor for purposes of taxation.
Assessed values are closer to market value following a revaluation.
In non-revaluation years, assessed values reflect a fraction of market value due to the assessments remaining the same while properties increase in value. The amount a typical, well-informed purchaser would be willing to pay for a property. When the assessor assigns a new value to all taxable property in a given year using current real estate sales activity. A revaluation is performed to assure each property is assessed at market value and pays only its fair share of taxes. The total assessed value of all assessments in the City.