Spring in Wisconsin brings not only sprouting tulips, but often a less-welcome visitor—notice of your growing property tax assessment.
Property tax season will be in full swing come April, with many of the major municipalities issuing notices of property tax valuations and the dates by which an owner (or tenant) is required to object to the valuation, or accept the higher cost on the tax bill come December. For example, the City of Milwaukee revalues property each year and sends out assessment notices before the end of April, requiring any objections before the third Monday in May. The City of Madison typically sends its notices even earlier than Milwaukee requiring objections by early May. Other municipalities throughout the State have timetables that drag into late spring and summer, but there is always limited time to act.
Despite recent reforms, Wisconsin still ranks near the top of the country’s high property tax states, with an average effective property tax rate at about two percent state-wide and rates near, or in excess of, three percent in certain municipalities. With property tax expense being one of the largest line items on a property owner’s income statement, reviewing property tax valuations is an important annual endeavor that you should not overlook.