A revaluation is a complete and thorough review of all assessments. During a revaluation all assessments are examined and adjustments are made where necessary to guarantee that all property is assessed at market value. This is done to assure that taxes are distributed equitably and uniformly.
Wisconsin Law requires all municipalities to assess property at market value.
The assessor is a State certified individual whose duties are to discover, list and place a value on all taxable real and personal property in the municipality, in a uniform manner. The assessor is not involved in the collection of property taxes.
Wisconsin Law requires that property assessments be based on fair market value. Estimating the market value of your property is a matter of determining the price a typical buyer would pay for it in its present condition. Some factors the assessor considers are: what similar properties are selling for, what it would cost to replace your property, the rent it may earn, and any other factors that affect value.
IT IS IMPORTANT TO REMEMBER THAT THE ASSESSOR DOES NOT CREATE THIS VALUE, BUT RATHER INTERPRETS WHAT IS HAPPENING IN THE MARKET PLACE.
Market value is defined as the amount a typical, well-informed purchaser would be willing to pay for a property. The seller and buyer must be unrelated, 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. If all of these conditions are present, this would be a market value, arm’s-length sale.
To make a proper assessment on a building, it is desirable for the assessor to see the inside and the outside of the property. The law requires that property be valued from actual view or the best information available. The assessor keeps records on the physical characteristics of each property in the municipality. Even though the assessor may have been unable to go through your property, the assessment will still be reviewed, based on the existing records and the sales of similar properties.
When an interior inspection is not allowed, the assessor will attempt to update the records by looking at the property from the outside and using any other available information. To ensure an accurate assessment, it is to your advantage to allow the assessor inside your property when an inspection is requested. By denying an inspection, you may lose the right to appeal your assessment to the Board of Review.
Your construction cost is an historical figure which may or may not reflect the current market value of your property. It is only one element that will be considered.
Generally speaking, improvements that increase the market value of a property will increase the assessed value. The following are typical items that will increase the assessed value or your property:
Good maintenance will help retain the market value of your property. Generally, your assessment will not be increased for individual minor repairs such as those that follow; however, a combination of several of these items could result in an increased assessment.
General economic conditions such as interest rates, inflation rates, supply and demand, and changes in tax laws, will influence the value of real estate. As property values change in the market place, those changes must be reflected on the assessment roll.
There are differences between individual properties and between neighborhoods. In one area the sales may indicate a substantial increase in value in a given year. In another neighborhood there may be no change in value, or even a decrease in property values.
Different types of properties within the same neighborhood may also show different value changes. For example, one-story houses may be in more demand than two-story houses, or vice-versa. Older homes in the same area may be rising in value more slowly than newer homes.
There are numerous factors to be considered in each property which will cause the values to differ. Some of the factors which can affect value are location, condition, size, quality, number of baths, basement finish, garages, and many others.
Wisconsin law requires that whenever an assessment is changed, the owner must be notified.
You should first attempt to decide for yourself what your property is worth. This can be done by looking at area sales, contacting appraisers, and comparing assessments of similar homes. Sales and assessment information is available in the Assessor’s office and open to the public for review during regular office hours.
The owner information on the tax bills is typically extracted from the City’s computer database in November. If a property sells during the middle of November to December, the new ownership will not appear on the tax bill for the current year. The new ownership will be updated in the Assessor’s Office approximately 2 weeks after the deed has been recorded with the Register of Deeds. Please feel free to contact the Assessor’s Office at any time for the most up to date information.
Print and fill out a Change of Address Form. The form is available at the Assessor’s Office located in City Hall, 730 Washington Ave, Room 106, Racine.
A name change needs to be recorded in the Register of Deeds Office. Please contact the Register of Deeds at 262-636-3208 located in the County Courthouse, 730 Wisconsin Avenue, Racine.
Please contact the Register of Deeds Office to see if a recorded survey is on file. Register of Deeds Office at 262-636-3208 located in the County Courthouse, 730 Wisconsin Ave, Racine.
If there is not a survey on file, you may want to contact a surveying company for further assistance.
A permit is required on any tent over 100 square feet to ensure they are erected safely. Any tent used for recreational use on a residential property and not to be erected for more than a 48 hour period in any two week period is exempt from obtaining a permit. However these tents are required to comply with all requirements of the City of Racine.
Review the guidelines listed below on where a tent can be located, including height and distance requirements. Fill out the sample guideline found below or submit a suitable drawing plan(Preferred).
The cost for the Fence Permit is currently $30.00.
Once the permit has been issued you may begin construction on your project. Once it has been completed or have reached any milestone outlined by the Building Inspector, the Building inspector will visit the site to ensure construction was completed to meet minimum code requirements.
A permit is required to ensure all work is done in a safe and pleasing manner.
Fill out the Standard Application and bring it to the building department. Once approved work may begin and an inspector will stop out afterwards to ensure work was completed properly.
The cost of the permit will vary with the amount of working being performed.
Once the permit has been issued you may begin construction on your project. Once it has been completed or have reached any milestone outlined by the Building Inspector, the Building inspector will visit the site to ensure construction was completed to meet minimum code requirements.
A permit is required to ensure all work is done in a safe and pleasing manner.
Fill out the Standard Application and bring it to the building department. Once approved work may begin and an inspector will stop out afterwards to ensure work was completed properly.
The cost of the permit will vary with the amount of working being performed.
Once the permit has been issued you may begin construction on your project. Once it has been completed or have reached any milestone outlined by the Building Inspector, the Building inspector will visit the site to ensure construction was completed to meet minimum code requirements.
A building permit gives you legal permission to start construction of a building project in accordance with approved drawings and specifications.
The best way to find out if you need a permit is to call your local building department. Discuss your plans with the code official before beginning construction to determine whether you need a permit. Even if a permit is not needed, the code official will answer construction questions and may provide valuable advice.
A permit is required prior to building, updating, or modifying any garage to ensure all structures are built in a safe and pleasing manor.
If this is a new garage you will need to submit a building plan, including an electrical diagram and plumbing (If applicable).
The cost of the permit will vary with the amount of working being performed.
Once the permit has been issued you may begin construction on your project. Once it has been completed or have reached any milestone outlined by the Building Inspector, the Building inspector will visit the site to ensure construction was completed to meet minimum code requirements.
A permit is required to ensure all fence meet the City of Racine zone requirements. Are built in a safe and pleasing manor.
Review the guidelines listed below on where a fence can be located, including height and distance requirements. Fill out the sample guideline found below or submit a suitable drawing plan(Preferred).
The cost for the Fence Permit is currently $80.00.
Once the permit has been issued you may begin construction on your project. Once it has been completed or have reached any milestone outlined by the Building Inspector, the Building inspector will visit the site to ensure construction was completed to meet minimum code requirements.
Permits are required to ensure that any new or altered Deck, Stairs, Platform, or Ramps meet strict building code standards to ensure safety for everyone who will be using them.
To get a permit, fill out the forms below. Once completed bring them into City Hall – Building Department located on the third floor, and ask to see a building inspector to start the process.
The permit cost will vary depending on the materials used and the size of the project. The Building Inspector will lay out any fees before you begin to avoid surprises once construction has started.
Once the permit has been issued you may begin construction on your project. Once it has been completed or have reached any milestone outlined by the Building Inspector, the Building inspector will visit the site to ensure construction was completed to meet minimum code requirements.