Germantown — If you see someone who appears to be scoping out your property in the next couple of weeks, don't be alarmed.
They are most likely from the village of Germantown, there to assess the value of your home or business as part of the entire revaluation of the village.
The revaluation was mandated by the state, after it was determined that the assessed value of an average property in the village is about 11 percent higher than it should be. The result will likely be reduced assessed values for the majority of home and business owners in Germantown.
"This is really kind of a first," said Village Administrator Dave Schornack. "Since 2008 when the housing market took such a tumble, we've gotten so far out of whack. This should bring us back to closer to 100 percent of our overall market value."
Ironically, the last villagewide revaluation was done in 2008.
"It's a relatively infrequent occurrence," Schornack said.
With the exception of a relatively small margin of homes and businesses, representatives from the village assessor's office will primarily be doing drive-by assessments to determine the new assessed values.
What that means for a taxpayer in Germantown will be mostly unknown until the village approves the new village tax rate later this year.
"Nothing should change for most people," Schornack said. "Don't worry, because we just don't know yet what will happen with the budget and ultimately the mill rate, which I believe the board intends to keep relatively the same."
Of Germantown's five taxing entities, the village rate is the second largest component of the tax bill, following the school district. But school district Business Manager Ric Ericksen told the board on Aug. 25 he doesn't believe the change will have an impact one way or another on the district's finances.
"(In) my review of this, I determined that there won't be any negative or positive impact on Germantown shared revenue from the state primarily because the assessed values right now according to village officials are greater than the market values," Ericksen explained. "So this reassessment will bring those down and align with real market values."
Your link to the biggest stories in the suburbs delivered Thursday mornings.
Enter your e-mail address above and click "Sign Up Now!" to begin receiving your e-mail newsletter Get the Newsletter!
- Germantown Police Report: April 23, 2015
- Longtime Germantown trustee Al Vanderheiden bids farewell to board, thanks community
- Longtime Germantown Fire Captain resigns, leaves for new role
- Participants needed for Relay for Life May 29, 30
- Aurora to complete $38 million conversion of Germantown offices into clinic
- Germantown standards development could take up to seven years
- Germantown School Board members call modular classrooms a "Band-Aid"
- Germantown school district survey yields support for pool, solutions to overcrowding
- Gehl Sponsorship takes Germantown performing arts pavilion a big step closer to becoming a reality
- Waukesha, Washington counties at "very high" fire danger risk