2024 Assessment: Interim Market Update

Under state law (sec 70.05(5), Wis. Stats.), each municipality must assess major classes of property within 10 percent of full value in the same year, at least once within a five-year period. The City’s commercial class has been out of compliance in each of the last three years. In 2024, City Assessor Accurate Appraisal will perform an Interim Market Update to bring property class values back into compliance.

• An Interim Market Update is a type of revaluation but does not involve physical inspection of every property.
   
• Just as in a regular Maintenance year, the assessor may inspect properties which changed hands or filed a building permit.  
   
• During an Interim Market Update the assessor will look at the assessed value of all properties in the City and will use statistical data, sales data and any other information that may impact values to determine if the assessed value needs to be adjusted.
   

How assessments determine property taxes:

• Many taxpayers fear that a higher assessment will automatically mean higher property taxes.
   
• Contrary to popular belief, higher assessments do not equate to higher property taxes. In fact, it is quite possible for a property’s assessment to increase and for the associated property tax bill to decrease.
   
• The tax rate on the property tax bill is determined based on the budget requirements for the school district, city, county and technical college along with total assessed value.
   
• The combined budget need (levy) is spread across all property assessments in the city.
   
• If the combined budget need stays the same or decreases, the tax rate would decrease even as property values are increased. Changes in individual property tax bills would depend on the amount of change in the property value.
   
• Also changes in assessed values may be smaller or larger depending on the property type. This can result in a tax bill decrease for some properties while other property tax bills increase.
   
• This relationship can better be seen by understanding the role assessments play in figuring property taxes. Visit https://accurateassessor.com/ to view a short video “Assessors Do Not Set Taxes” which explains the process in more detail.

Change of Assessment letters were sent to City of Platteville property owners in mid-August.

If you feel your assessment is not accurate or you have questions or concerns, you can make an appointment with Accurate Appraisal by calling (920) 749-8098, emailing plattevillecity@accurateassessor.com or via the website at https://accurateassessor.com/ by clicking the “Open Book Assistant” tab. The assessor will explain how your assessment was prepared, review the property record for your property and explain what factors were considered in determining a value for your property.

Please visit the City’s website at https://www.platteville.org/administration/page/city-assessor  for more information on the Assessment and Appeals Process.

Open Book/Tax Roll Viewing at City Hall, 75 N. Bonson Street:

• Tuesday, August 27, Wednesday, August 28 and Thursday, August 29  (Times/Locations TBD with Appointment). Walk-ins are subject to availability.
• Tuesday, September 3 (Virtual)

Board of Review at City Hall, 75 N. Bonson Street:

• Thursday, October 3 at noon in the Council Chambers (2nd Floor)

*City Hall has accessible parking and entry off Mineral Street and an elevator is located behind the staircase.

You must file an Objection Form with the City Clerk at least 48 hours prior to the meeting of the Board of Review. You will then appear before the Board of Review for a hearing where you will present your case regarding the assessed value of your property.

For more questions contact City Clerk Colette Steffen at (608) 348-1823.