According to a report by the Wisconsin Policy Forum, the gap between local property tax assessments and market values in Wisconsin has been widening due to the skyrocketing residential property values in recent years. This discrepancy has resulted in unexpected increases in the assessed value of properties when reassessments take place.
The report highlights the fact that as property values increase, the assessments fail to keep up, leading to an imbalance. This means that property owners may face higher property tax bills, sometimes significantly higher, when their properties are reassessed.
The widening gap between property tax assessments and market values is a cause for concern for property owners. Many property owners may not have anticipated such significant increases in their property’s assessed value, potentially leading to financial strain if property taxes rise as a result.
The report by the Wisconsin Policy Forum suggests that policymakers should consider addressing this issue to maintain fairness and transparency in property tax assessments. It recommends exploring options such as more frequent reassessments or using statistical models to estimate property values accurately. These measures could help bridge the gap between assessments and market values, ensuring property owners are not subjected to unforeseen increases in their property tax bills.
This growing gap between property tax assessments and market values is an important issue that needs to be addressed in order to alleviate the burden on property owners. By implementing strategies to accurately reflect market values in assessments, policymakers can ensure a fair and equitable property tax system in Wisconsin.
Sources:
– Wisconsin Policy Forum Report