In order to ensure fair and equitable property assessments, the City of Wauwatosa has announced a citywide revaluation of all properties, scheduled to take place in 2025. This comprehensive initiative aims to align property values with current market conditions, promoting tax fairness across the community.
Why a Revaluation?
The revaluation process is essential for maintaining accurate and fair property assessments. Over time, property values can change due to a variety of factors including market trends, improvements, and neighborhood developments. The revaluation will help correct disparities and ensure that property taxes are distributed equitably based on the most current data.
“Our goal is to create a fair and transparent process that reflects true property values,” said Sarah Tyrrell, Wauwatosa’s City Assessor. “This revaluation is crucial for ensuring that all property owners pay their fair share based on the current market conditions.”
Wisconsin Law requires that property assessments be based on fair market value. Wauwatosa monitors the sales of homes and has a certain amount of time to conduct a revaluation to be within 10% of this market value. This revaluation will help us adjust assessed values to catch up with market trends.
What to Expect
The revaluation will involve a thorough review and analysis of market data by trained assessors. Starting in late spring to mid 2025, property owners will receive notifications of their new assessments. It is important to note that a revaluation does not uniformly increase property taxes. Depending on the new assessment, property taxes may increase, decrease, or remain unchanged.
Educational Outreach and Support
In 2025, Wauwatosa will host several weeks of "Open Book.” During this time, property owners can meet with assessors to review and discuss their new property values in detail. This is a chance for residents to ask questions, understand the factors that influenced their assessments, and ensure that their property data is accurate.
A dedicated section on the city’s website will offer comprehensive resources, including FAQs, timelines, and contact information for further assistance.
“We understand that this process can raise many questions and concerns,” added Tyrrell. “We are committed to providing all necessary resources to help residents understand the revaluation and its impact.”
Impact on Property Taxes
It’s important for property owners to understand that the revaluation aims to distribute taxes more fairly. While some may see an increase in their property taxes, others may experience a decrease or no change at all. An increase in assessed value does not necessarily mean an increase in taxes. The new assessments will ensure that each property’s tax contribution accurately reflects its current market value.
Appeals Process
Property owners who disagree with their new assessments will have the right to appeal. Detailed instructions on how to file an appeal will be provided with the assessment notices and will also be available on the city’s website.
Stay Informed
The City of Wauwatosa encourages all residents to stay informed and engaged throughout the revaluation process. Regular updates will be posted on the city’s social media channels and email newsletters will provide ongoing information.
