Archives: Glossary Terms

Includes all personal property used by non-manufacturing businesses. It does not include inventories. Locally assessed personal propertyIncludes all personal property used by non-manufacturing businesses. It does not include inventories. Locally assessed personal property represents about 3% of the total assessed value of the city. represents about 3% 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.

Manufacturing property consists of all property used for manufacturing, assembling, processing, fabricating, making, or milling tangible personal property for profit. It also includes establishments engaged in assembling component parts of manufactured products. All manufacturing property is assessed by the Wisconsin Department of Revenue. Manufacturing real property represents about 3% 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.

Manufacturing personal propertyManufacturing personal property is assessed by the Wisconsin Department of Revenue. It represents about 1% of the total assessed value of the city. is assessed by the Wisconsin Department of Revenue. It represents about 1% 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.

The 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 must be in cash or its equivalent, and the financing must be typical for that type of property.

The average value. It is determined by dividing the total value by the number of properties.

The value located at the midpoint of all property values when arranged in order according to size. It is a positional average and is not affected by extreme values.

Personal property as described in S. 70.04, Stats., includes all goods, wares, merchandise, chattels, and effects of any nature or description, having any real or marketable value, and not included in the term real property. The subclasses of personal property include:

• Boats and Watercraft
• Equipment
• Fixtures
• Furniture
• Machinery
• Patterns
• Tools

The residential class of property includes all property where the predominant use is for living purposes. This would include single-family, two-family, three-family dwellings and condominium units.

It also includes vacant land where the most likely use would be residential development. Apartment buildings of four or more units, hotels, motels, and resorts are classified as commercial property. The residential classThe residential class of property includes all property where the predominant use is for living purposes. This would include single-family, two-family, three-family dwellings and condominium units. It also includes vacant land where the most likely use would be residential development. Apartment buildings of four or more units, hotels, motels, and resorts are classified as commercial property. The residential class represents... represents roughly 64% 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.

Estimating 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 for purposes of a new assessment. 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. is performed to assure each property is assessed at 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... and pays only its fair share of taxes.

A contiguous geographic area within a city defined and created by resolution of the local legislative body. Procedures described in s. 66.46, Stats., must be followed in creating a tax incremental district. The procedures include holding public hearings, adopting a project plan, getting approval, and gathering any information necessary to establish the TID.