City of New Berlin Revaluation/2018
The most recent adjustment of property assessments was for the 2018 assessment roll. At that time, analysis of the real estate market between 2018 and 2018 was performed and the 2018 assessments were updated to reflect that market.
Since that time, residential property sales volume has increased and commercial volume has remained steady. Sales volume is a reflection of the interaction of supply and demand. The Wisconsin Department of Revenue Equalization Bureau monitors assessment levels of all 1,912 municipalities in Wisconsin and directs each community to adjust their property assessments when they need to be revaluated.
Purpose of Revaluations
A revaluation is the process of revaluing all taxable real and personal property in a municipality for the purpose of creating equitable assessments at market value. The State of Wisconsin requires assessments to be within 10% of full value (market value) at least once in a four-year period. The primary reasons for revaluation include:
- Bringing current assessments within statutory guidelines
- Eliminating inequities that may exist in the assessments of property
Uniformity, equity, and fairness are the core reasons for conducting revaluations.
Current Revaluation Cycle
The city is on a periodic revaluation cycle. The last city-wide revaluation was for 2018. Currently the Assessor's office is in a general maintenance cycle as we account for changes due to new construction, land splits, combinations, remodeling, and permit-related activity. A citywide revaluation will be scheduled when property assessments require adjustment according to the Wisconsin Department of Revenue market sale review.
For More Information
For more information about revaluations, please contact the assessor's office at (262) 797-2465.