City of Marshfield to Complete City-Wide Revaluation for 2023 Assessment Year

Wednesday, July 26th, 2023 -- 10:01 AM

The City of Marshfield is working to complete a city-wide revaluation for the 2023 assessment year.

This process will  affect all properties in the City. Their goal is to conduct an accurate and transparent revaluation. They greatly appreciate your cooperation in the revaluation process and ask that you please direct any additional questions to the Assessor’s Office.

A revaluation is a process by which the assessors go through each property record in the city and give it a new value (they revalue each property). There are different types of revaluations, but the goal of all revaluations is the same: produce a more accurate and equitable value than was in place previously on a given property and City-wide.

This means that assessments should reflect market sale prices and properties with comparable amenities should be assessed similarly. For example, if the assessed value on a property is $150,000, we would expect the property to sell for about $150,000.

In other words, the assessed value is supposed to be 100% of market value. Foreclosure sales, sales between related parties and any other sale that is concluded under duress are not considered reflective of market value.

To be at 100% for every property annually is an ideal situation and not entirely realistic. The Wisconsin Department of Revenue (DOR) recognizes that and allows a cushion of +/- 10% (i.e. between 90% - 110% of estimated market value) to remain in compliance with the law.

This  allows for both market fluctuations and the human element of a sale. From our previous example, if a home sells for $150,000, that means the assessed value should be between $135,000-$165,000.

Wisconsin Department of Revenue statutes require municipalities to be within 10% of market value (between 90% - 110%) to be considered “in compliance.” The City of Marshfield’s overall ratio was 73.05% (Wood County) and 74.40% (Marathon County) for 2022.

The revaluation is a collaborative effort by both Assessor’s Office staff and Forward Appraisal LLC, a professionally licensed appraisal company. Forward Appraisal has worked as contracted appraisers in the City of Marshfield’s Assessor’s Office in the past, primarily working with commercial properties.

There are different types of revaluations that can be undertaken: market update, drive-by  revaluation, exterior revaluation, and full revaluation. In this case, the City will be undergoing a  combination of a market update and drive-by revaluation. 

Appraisers will be going through each property’s record card to confirm that information we have on file is accurate via electronic and remote means (e.g. satellite/GIS imagery, Google  Maps, etc.). Then we will perform sales studies, neighborhood studies, income/expense studies (for income-producing properties), and other necessary studies to assist in creating new models.

Using these models, we will adjust valuation tables as necessary to better reflect market conditions. We will then field verify a percentage of the values before sending out the final assessment notices.

Tax rates are built using two numbers: total City valuation and total City budget. The tax rate then gets applied to each individual property’s valuation to determine what amount of taxes each property is responsible for. Given that the budget is put in place after the values are set, there is no way to determine exact tax rates or amounts during the revaluation.

Some property owners may see a decrease in both value and taxes owed, some may see an  increase in both value and taxes owed, and some may see an increase or decrease in value and  the opposite in taxes owed.

A property’s value going up does not alone cause a higher tax  amount owed. We can use sample numbers to illustrate this concept:

Total Budget = $20,000,000  

City Valuation Total = $1,000,000,000 

Tax Rate (Mill Rate): $20,000,000 ÷ $1,000,000,000 = $.0200 (or $20.00 per thousand)  A home valued at $150,000, the taxes owed would be $3,000. 

Now, let us suppose the sample underwent a revaluation. 

Total Budget = $20,000,000 *Not affected by revaluation 

City Valuation Total = $1,100,000,000 

Tax Rate (Mill Rate): $20,000,000 ÷ $1,100,000,000 = $.0182 (or $18.20 per thousand)  A home valued $150,000, the taxes owed would be $2,730. 

It is important to remember, that during a revaluation all property values are adjusted closer to market value. If the home was reassessed from $150,000 to $165,000, the taxes  owed would be $3,003 (similar to the taxes owed prior to the revaluation).

Most of the work will be done in office and through drive-by review. An exception to that would be inspections for new permits, sales, and rechecks for work from prior years, but those will be worked separately. If you want someone to go through your home, for whatever reason, the Assessor’s office will  accommodate your wishes.

It never hurts to bring any changes to the attention of the Assessor’s Office. If the changes were done without permits, then that’s information that the Assessor’s Office might not have. Any changes that would have been completed with a permit will be inspected independently of the revaluation process.

All property data is available on the City of Marshfield’s website or Assessordata.org. We encourage property owners to look at and verify their property information and bring to our attention any discrepancies they find. Notices of changed assessment will be mailed to property owners after values are reviewed in July.

Open book is a set period of time for property owners to contact our office with questions regarding their new values. After notices are mailed, property owners with questions are encouraged to contact our office via phone or email. If a property owner wishes to meet with an appraiser in person, an appointment will be set up to discuss their property.

A property owner who still disagrees with the assessed value has the right to appear before the  Board of Review. This board acts like a court by taking oral testimony from the property owner  and the Assessor’s office. The board then makes decisions based upon the evidence presented. 

The Assessor’s value is presumed correct unless compelling contrary evidence is presented. Information on board of review and how to object to your valuation will be referenced on each notice of assessment and is available on the Department of Revenue’s website.

The best indicator of market value is a recent sale of the subject property. This would be a sale on the open market between a willing buyer and seller under no duress to sell or any compulsion to buy. Additional relevant information can include similar homes nearby with lower assessments, a recent market value appraisal, and construction costs if recently built.

Concerns specific to the taxes, rather than the assessed value, will not be reviewed. Our job is to determine an assessed value that closely represents market value. We do not determine, set or collect taxes. Assessed values in other communities will not be considered as they do not represent the market value within our city.

You can call, email, mail, or simply stop into City Hall and ask to speak with someone from the Assessor’s Office. We would prefer a call or email as first contact as we may be out fielding on other appointments. All inquiries must be responded to within ten days by state statute, but we typically try to respond within 48 hours.

Questions specific to the revaluation can be directed to [email protected]

Feel free to contact us with questions and/or comments.