OPEN BOOK DATE – Tuesday October 25,2022  9:00 AM to 12:30 PM  and 1:00 PM to 5:00 PM and Wednesday October 26, 2022  10:00 AM to 2:00 PM  at the Troy Town Hall located at 654 Glover Road,

BOARD OF REVIEW – Thursday,  November 10, 2022 Starting at 2:00 PM by Appointment

Any questions you have related to the assessed value of your home should be directed to the town's assessor.

Bowmar Appraisal 1-800-303-2090

REVALUATION FAQ’s

Why did the Revaluation occur?

Wisconsin Law requires market value assessment of all property. During a reassessment, all assessments are examined, and adjustments are made where necessary to guarantee that all property is assessed at market value. This is done to assure that taxes are distributed equitably and uniformly. The Town fell out of compliance in 2018 and needed to conduct the revaluation to comply with State Law.

How will reassessment affect my taxes?

By itself, a reassessment does not increase or decrease tax revenue; it merely redistributes the total tax burden more fairly. Some owners will see increases while others will see decreases. The amount of total taxes collected will remain the same unless budgets are changed. Reassessment itself is revenue neutral. The revaluation does not change the total amount of taxes collected by the Town but increases the total assessed value of the Town (tax base) of which the tax levy is divided into which typically causes a reduction of the mill rate.

I have not changed anything at my property, why has my value changed?

As property values change in the marketplace, those changes must be reflected on the assessment roll. Periodically, the Assessor reviews real estate market factors to determine if economic conditions are causing property to appreciate or depreciate, or if conditions are static. During revaluation years, the findings of such analysis may result in a change in property assessments regardless of any physical changes to a property.

How are full values determined?

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. Some factors the assessor considers are what similar properties are selling for; what would it cost to replace your property; the rent it may earn; and any other factors that affect value. It is important to remember that the assessor does not create assessed value, but rather interprets what is happening in the marketplace through real estate sales.

Is my property assessment fair, accurate and equitable?

Revaluations are periodically required by state law and are designed to keep assessments current with prevailing market conditions. The real issue is whether your property is assessed at market value. After the revaluation, you should look at your final assessment. If it appears to be an accurate value when compared to sales of similar property, then it probably is a fair assessment. If, in your opinion, it does not reflect the market value of your property when compared to sales of similar properties, you should talk to our assessment staff.

 

Again, we encourage you to contact our office first with any questions you have at (715)835-1141 or email us at, [email protected]