Germantown — The Village Board voted unanimously Monday to schedule a revaluation of all properties, one year ahead of schedule.
Municipalities are required to do a revaluation when their combined assessed value is more than 10 percent above or below equalized value.
"In both major classes, commercial and residential, we fell out of compliance in 2013," Jim Danielson of Accurate Appraisal, which does assessment work for the village, told the board. "Equalized value has gone down every year since 2009."
The village's assessed value is now 11.65 percent higher than its equalized value, which is set by the state.
The goal of the revaluation is to "get everybody back to 100 percent, so they're paying their fair share," Danielson told the board, saying reaching assessments at 100 percent of value "is equitable for everybody."
Village Administrator David Schornack advised the board, "It would be smart to do it this year, rather than waiting until 2015."
Germantown's last revaluation was six years ago. Danielson said after the meeting that the longer the time between revaluations, the greater opportunity for inequities in assessments to grow.
"The main reason for revaluation is equity, so everybody's paying their fair share," he said afterward. "That's the bottom line."
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