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Notice of Village of Paddock Lake revaluation


 What is a Revaluation?

We all pay property taxes. Property taxes need to be equitably levied. That means that communities need to regularly check the values of property. This process is called “revaluation.”

The last revaluation for the Village of Paddock Lake was completed as of January 1, 2006 . Why does the village do this? There are several reasons:

The Wisconsin Department of Revenue compares our current assessments to current sales (expressed as a ratio) in order to monitor if we are in compliance. If the village-wide ratio falls out of compliance (less than 90% or over 110% of fair market value), a Revaluation is necessary.

Inequities may exist within a specific class of property. The market values of different types of property may change at different rates. In addition, within a class such as residential property, there may be market value differences in other neighborhoods.

Inequities may also exist between classes of property. The values for residential and commercial properties may change at different rates.


How are Real Estate Assessments Made?

Assessments are made in accordance with Chapter 70, of the Wisconsin Statutes, General Property Taxes which requires all property subject to assessment to be valued by the assessor in the manner specified in the Wisconsin Property Assessment Manual from an actual view or from the best information that the assessor can practicably obtain, at the full value which could be ordinarily obtained at a private sale. It is important to remember that the assessor does not create this value, but rather interprets what is happening in the market place.


The Wisconsin Constitution, Article VIII, Section 1, provides for uniformity of assessment. With the above legal directives in mind, the assessor is charged with the task of determining the fair market value of your property. Property values are made by our state-certified assessor, and every effort is made to achieve the greatest possible degree of uniformity.


What does the Assessor do?

The Village Assessor has three major duties: Discover, list and estimate the value of all taxable property within the jurisdiction of the city.

To insure that all property is treated uniformly, the Assessor’s procedures must conform to State laws dealing with property taxation. Furthermore, commonly accepted appraisal and accounting practices must be used.


Why is it Necessary to Change Assessments Periodically?

State law requires that all properties be assessed at their FULL MARKET VALUE. As property values change in the market place, these value changes must be reflected on the assessment roll.


Will I be notified if there is a Change in my Assessment? How can I find out about any Assessment?


We will mail you a notice if your assessment is to be higher or lower than it was the previous year. All assessments are available for examination by the public.


Assessment rolls are open for examination in the Clerk’s office during business hours. Inquiry can be made by furnishing the Parcel Number or the address of the property.


What is Open Book?

Open Book is when the Assessment Roll is first available for public review after the assessor has completed it in April. The assessment is to be made by law as of January 1 of each year. Open Book is also a period when you can make appointments to come in, review your property record card and discuss any valuation concerns you may have with the assessor. Most assessment questions can be answered during the informal “Open Book” process.


What is Board of Review?

If the property owner’s assessed value cannot be agreed upon at the Open Book session, it may be appealed to the Board of Review which acts as a jury to determine who’s assessed value is correct, either the assessor’s or the property owner’s opinion of fair market value. Both parties present their case and the Board deliberates the evidence presented by the property owner and the assessor. The assessor’s value is presumed to be correct unless the property owner can present evidence as to why the assessor’s value is incorrect.

How will my taxes change as a result of the new assessment?

Though the value of your property affects your share of taxes, the actual amount you pay is determined by the budget needs of the high school, elementary school, Kenosha County, Gateway Technical College, the state aid and the Village of Paddock Lake.  All these taxing units decide what services they will provide in the coming year and how much money they will need to provide those services.  Once this decision is made, a tax rate is adopted that will generate the needed dollars.  Your property taxes are then determined by dividing the tax rate by 1,000 and multiplying that number by your assessment.

Taxes= (tax rate/1,000) x assessed value

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