Apartment buildings of four or more units, hotels, motels, and resorts are classified as commercial property. Estimating the current market value of all taxable property for purposes of a new assessment. A revaluation is performed to assure each property is assessed at market value and pays only its fair share of taxes. See commercial class. The State Constitution demands that all property within the municipality is taxed at the same tax rate.
State law demands that the valuation be based on market value.
The total assessed value of all assessments in the municipality that are subject to local property taxes. The following taxing bodies determine the total tax levy for property located in the City of Milwaukee. It is often expressed in terms of dollars per thousand. The tax rate is multiplied by the assessed value to determine the amount of tax that each property must pay. Because Milwaukee extends into Washington and Waukesha Counties, those parcels that are not in Milwaukee County often have tax rates that are slightly different than properties in the City of Milwaukee, Milwaukee County.