New Budget Includes Revised Approach to Property Assessment
Governor Walker's budget proposal, introduced February 3rd, recommendstransitioning fromthe current system of municipal property assessment to countywide property assessment. The proposed transition would begin in 2016 and be completeby 2017. Cities with a population over 39,000 (1st and 2nd class cities) may choose to maintain their own assessment approach,provided they meet certain regulations. Counties may form multi-county assessment regions at their discretion. Boards of review will be consolidated at the county or regional level, except for larger cities choosing to opt out of the county-based system.
Under the new system, all propertiesmust be assessed at 100% of the fair market value. Counties or multi-county regions will conduct the assessment process in their jurisdictions and report assessment data to the Wisconsin Department of Revenue (DOR). Municipalities will be charged for the cost of the assessment. The DOR will continueits oversight of the property assessment system, including licensing ofand standards for assessors. The budget also proposes uniform training and continuing education for assessors.
