Archives: Glossary Terms

An estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment.... Assessed values most closely reflect market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... following a revaluationEstimating the current market value of all taxable property for purposes of a new assessment. A revaluation is performed to assure each property is assessed at market value and pays only its fair share of taxes.. In non-revaluation years, assessments typically reflect a fraction of market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... due to the changing real estate market.

The total assessed valueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. of all assessments in the municipality that are subject to local property taxes.

The relationship between the assessed valueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. and equalized valueThe full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year. of all taxable property within a municipality. For example, if the assessed valueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. of all the taxable property in the City is $750,000,000 and the equalized valueThe full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year. is $800,000,000 the assessment level (ratio) would be 93.75%.

• Assessment RatioThe relationship between the assessed value and equalized value of all taxable property within a municipality. For example, if the assessed value of all the taxable property in the City is $750,000,000 and the equalized value is $800,000,000 the assessment level (ratio) would be 93.75%.
  • Assessment Ratio = Assessed Value ÷ Equalized Value
  = Assessed ValueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. ÷ Equalized ValueThe full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year.

Property is classified as either real property or personal property. Real property is comprised of residential, commercial, and manufacturing property. Residential and commercial property is assessed by the local assessor. The state assesses manufacturing property. Personal property is either assessed by the local assessor (commercial) or by the state (manufacturing).

The commercial classThe commercial class consists of properties where the predominant use is the selling of merchandise or a service. Apartment buildings of four or more units and office buildings are included in this class. This class also includes vacant land where the most likely use would be for commercial purposes. Commercial property represents about 29% of the total assessed value of... consists of properties where the predominant use is the selling of merchandise or a service. Apartment buildings of four or more units and office buildings are included in this class. This class also includes vacant land where the most likely use would be for commercial purposes. Commercial property represents about 29% of the total assessed valueAn estimate of value assigned to taxable property by the assessor for purposes of property taxation. State law requires all assessments periodically be within 10% of market value. Assessed values most closely reflect market value following a revaluation. In non-revaluation years, assessments typically reflect a fraction of market value due to the changing real estate market. of the city.

A form of fee ownership of individual units in a multifamily setting and a share of undivided interest in the common areas of the development.

The full market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... of all taxable property in a municipality, both real and personal. The equalized valueThe full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year. is determined by the Department of Revenue each year.

This is the tax levy divided by the equalized valueThe full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year. (base) and is used for comparing tax rates between different communities and for determining the tax rates applied to overlapping jurisdictions such as Milwaukee County.

ExemptionsExemptions are properties that are exempt from local taxation by state law. They are required to file a form that must be reviewed by the local assessor by March 1. are properties that are exempt from local taxation by state law. They are required to file a form that must be reviewed by the local assessor by March 1.

For all practical purposes, the same as equalized valueThe full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year.. It represents the current market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... of all taxable property within the boundaries of a municipality or district, such as a school district or tax incremental district.