APPLETON, Wis. (WBAY) - On Saturday or early next week, homeowners in Appleton will find a change of assessment notice in their mailbox. 2014 was the last time Appleton homes were revalued, the city reassessed commercial properties last year. But, homeowners shouldn't have sticker shock when they see the increase in home values.
As mandated by the state, the City of Appleton recently had to reassess the value of the 23,000 homes within the city. Those reassessed values, according to the city, are now more in line with the housing market.
"Home values are appreciating so quickly and we haven't caught up, so we revaluated this year and we did see a 20% increase on average in our assessed values, that's the appreciation over five years," says City Assessor DeAnn Brosman.
City officials say people shouldn't panic when they receive the notices, assessing their homes up to 20% more than what they've previously been valued. The notices, which are set to be mailed out on Friday, aren't bills. And the city assessor says once city, county, and school district budgets are approved later this year, the tax rate will help to even out the assessment value.
Brosman adds, "For homeowners, they'll see a slight increase in their tax bill, however, most of it will be made up in a drop in the tax rate, so the tax rate is expected to fall nearly that 20%."
Homeowners will have an opportunity to question their assessment starting next week through the beginning of October at City Hall. And, if necessary, they can formally appeal on October 15th. But, again, city officials say most people won't really see any difference in their tax bill, and that's what matters most.
"We have a tax levy limit, we can't just raise revenues because those are capped this year at about 1.3% of last year so this assessment will not raise revenue, it just redistributes who pays it," adds Brosman.