2023 Village of Menomonee Falls Revaluation

The Assessor's Office is conducting a revaluation of all properties in the Village of Menomonee Falls for the assessment year of 2023. 

A revaluation is a review of all property assessments.  During a revaluation, all assessments are updated using information gathered from recently sold properties.  The last village-wide revaluation occurred in 2010 and was based on sales that occurred in 2008 and 2009.  Since the 2010 revaluation, the general level of assessment, also known as the assessment ratio, fell to 73.6% of market value. Without conducting the 2023 revaluation, that level would have fallen to approximately 66%.  Wisconsin Statute 70.05 requires a jurisdiction to assess within 10% of full market value at least once in a five year period and 2023 would be the fourth year that the village fell outside of 10%. 

The 2023 revaluation will be using sales of property that occurred in 2022 to arrive at an estimated fair market value of each property as of January 1, 2023.  The goal of the revaluation is to assure that taxes are distributed equitably and uniformly, as well as to comply with State Statutes.

  1. Facts and Questions
  2. Important Dates

How does the assessor value property?

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.  The assessor will be using 2 to 5 comparable properties that sold between January 1, 2022 and December 31, 2022 to arrive at the 2023 assessed value.  

What is market value?

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.

Can the assessment on my property be changed even if the assessor has not been inside my property?

The assessor keeps records on the physical characteristics of each property in the municipality.  The assessment will be based on the existing records and the sales of similar properties.

How can my assessment change when I haven’t done anything to my property?

General economic conditions such as interest rates, inflation rates, and changes in the tax laws, will influence the value of real estate.   As property values change in the marketplace, those changes must be reflected on the assessment roll.

Do all assessments change at the same rate?

There are differences between individual properties and between neighborhoods. In one area of the village, property values may increase at a greater rate than another. Likewise, ranch style homes may change at a different rate than colonial style homes or old style homes. It is important to note that the percentage of change in value is not the measure of accuracy of an assessment. The measure of accuracy is whether or not a particular home could be sold for the 2023 assessed value.

How do I know if my assessment is correct?

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. Recent area sales are generally available to the public on various internet websites.

Am I required to meet with the assessor?

You are not required to meet with the assessor before appealing to the Board of Review, although it is highly recommended. Minor errors and misunderstandings can often be corrected by meeting with the assessor without initiating a formal appeal.

What should I expect if I meet with the assessor to informally discuss my assessment?  You should ask questions that will help you understand the assessment process and how your assessment was determined. An informal discussion with the assessor can often resolve a problem prior to a formal hearing before the Board of Review. Ask the assessor to show you the records for your property and to explain how your assessment was determined. Ask any questions that will help you understand the assessment process.

What evidence do I need to present to the Board of Review?

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. Only relevant testimony given at the hearing will be considered by the Board.  

The best evidence for this would be a recent sale of your property. If you have not recently purchased your property, the best evidence of value would be sale prices for properties similar to yours. The closer in proximity and similarity to your property, the better the evidence is.

What happens after the Board of Review makes its decision?

The Board will either give or mail you a notice of its decision. If you do not agree with the Board’s determination, the notice will contain information on how you may appeal the Board’s decision.

How does the Revaluation effect local taxes? 

Revaluation redistributes the existing property tax burden so that all property owners pay their fair share based on the market value of their property. If the total tax levy remains the same, only those properties, which are not presently paying their fair share of the tax burden, will pay more tax because of the revaluation. Property owners currently paying more than their fair share would actually pay less after the revaluation.  The total amount of taxes levied is completely independent of the overall assessment.