HOBART, Wis. (WBAY) -- The Village of Hobart is one of the fastest growing communities in the state, but it has been more than ten years since property values were assessed.
On Tuesday, the village board gave its approval to look at what the housing stock is worth now.
“I know the first thing people when they hear reassessment is my taxes are going up,” said Village Administrator Aaron Kramer.
However, that's not always the case according to assessors.
“In most cases it's a mild adjustments to taxes and as many tax bills go down as they go up,” said Mike Denor of Fair Market Assessments.
The village hired Denor's company to do a market adjustment, which hasn't been done in Hobart since 2007.
“Our main concern is uniformity and equity so as to make sure all similar homes that are valued similarly are being assessed at similar amounts,” said Denor.
He says it's hard to say exactly what Hobart's market will look like at this point, but overall the market is good.
“Appreciation is constant we've been seeing the last couple of years, 3 to 5 percent depreciation per year, so it's a healthy market,” said Denor.
The revaluation is slated for 2021 and will take about nine months to complete. Kramer says this will allow the village to inform homeowners about the revaluation.
Denor says he'll look at how home sales compare to current assessments based on neighborhoods.
Homeowners will be notified of any changes to their property values.
“Every property owner gets a first class notice from our office on what their value is and there's a 30 day period where they can contact our office if they have any questions or concerns or need an explanation to the adjustments,” said Denor.
Homeowners can expect to see more towns and village doing market adjustments as the greater Green Bay area continues to grow.