Property Tax Bills Are On the Way

Yippee.

The tax bill is the aggregate amount levied by several taxing bodies, such as county, municipality (Township, Village, City), school district, technical college, etc.

Two numbers to watch are your Net Property Tax (what you will pay out of pocket) and Total Estimated Fair Market Value (the amount that the mill rate is applied to.)

More analysis of the net tax impact of adjustments to Total Estimated Fair Market Value will be discussed after all municipality tax bills have been uploaded.

While much has been made of flat or declining mill rates (amount levied per $1,000 of property value), in some cases taxpayers may experience a net increase, because Total Assessed Value has been divided by an Average Assessment Ratio that reflects real estate sale price increases in your municipality in the year 2018.

Click HERE to get to the statement or follow the steps below. If you click on the link, the County Treasurer’s office said “less is more” with the amount of information you tap in. Simply type in your last name and your statement should come up.

One Response to Property Tax Bills Are On the Way

  1. Mark Hoefert says:

    Well, well, well – you were right!

    Your column of October 5, 2019, in response to the Daily News article that said:

    Good news for property owners in the West Bend Joint School District: the budget is balanced and the mill rate – read: taxes – will not increase from last year.

    What you wrote:

    The mill rate is meaningless. It is simply a derived number. The Levy is everything. The levy is how much money the taxing body is extracting from the taxpayers. And however they want to spin it, the West Bend School District will increase property taxes 7.17% in a single year.

    Results are in and vary, depending on what municipality you are in and what average assessment ratio was applied to your Total Assessed Value to arrive at the Total Estimated Fair Market Value.  In the Town of Barton (where I am), my net out-of- pocket for school taxes is a 2.8% increase. For City of West Bend the increase is 7.4%.  These ratios, which are used to equalize property values across the different municipalities were based on 2018 real estate sales within each municipality.  2019 promises to be another year of increased property values – another opportunity to tout their awesomeness in keeping the mill rate the same, but at the same time adding to the levy.

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