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 | By Bobby Tanzilo   Managing Editor E-mail author | Author bio More articles by Bobby Tanzilo |
| Published April 30, 2008 at 10:40 a.m. |
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Although zillow.com says the value of my Milwaukee home has increased 108 percent over the past 10 years, last year -- for the first time in years -- the assessment went unchanged. This year, it's down nearly 5 percent (I think, my math skills aren't top).
So, is that good news, bad news or no news?
I guess it's good news in that my tax bill will reflect that change, too, come December. But if they raise the tax rate, it won't make much difference as compared to last year's bill. If I was looking to sell, as my neighbors are, it probably would be bad news, since it likely means they'll have to lower the asking price.
All the homes I checked in my West Side neighborhood appeared to have lower assessments this year. Meanwhile, I checked a few addresses in Bay View and noted that all of them saw no change in their assessments over last year. Considering Bay View is a pretty "hot" area, I'd have expected a rise there, if anywhere in the city. Especially, when I heard that, overall, assessments are up 2 percent in the City of Milwaukee.
Anecdotally, a friend told me this morning that someone he knows who lives near 25th Street and North Avenue had a 30 percent increase in their assessment this year. Of course, it's possible they did some major renovations or improvements, I don't know. But that sure sounds like a pretty massive jump.
Check your new assessment at the link below.
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6 comments about this article. Post a comment / write a review. |
Recent Talkbacks ...
Posted by royal8 on May 1, 2008 at 5:58 p.m. (report)
I don't quite understand the formula that they use. I have several properties on the same block that have very similar sq ft and use, but the assessment values are all over the board. One had a 10%increase the other 2%. When I look at them one is over and one is under what I think the value should be. Are they just throwing darts at a board?
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Posted by jakeryan on May 1, 2008 at 9:04 a.m. (report)
the frustration here is not so much what the assessed value is, but what a complete and random process it is. i don't expect a 10% yearly increase in value and that is not why i bought my house, but i would like to be reassured that the process of valuing the property is fair and consistent and i see no eveidence that it is.
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Posted by dukefame on May 1, 2008 at 8:48 a.m. (report)
Seems to me assessments going down or staying the same is moot. Chances are the mill rate will increase to make up for it. Property taxes will more than likely increase regardlessof assessments.
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Posted by booboo16 on April 30, 2008 at 4:07 p.m. (report)
the whole mess that we are running into is typified by this statement..."Although zillow.com says the value of my Milwaukee home has increased 108 percent over the past 10 years..." Now maybe you got in at a good time and did some rehab or whatever, but for anyone to buy a property under the assumption that the value has increased by 10.8% per annum is an idiot. With those type of "returns" it's no wonder how many people have overextended themselves and are now on the streets. A thanks to realtors, banks, and appraisors for helping to put us into this mess.
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Posted by Downtowner on April 30, 2008 at 1:26 p.m. (report)
Stayed the same.
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Show me the other Talkback
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