Accurate, a company in Menasha was hired by the city of Manitowoc to assess residential and commercial property values.
Spokesperson Chris Plamann says Accurate appraised property rates in the city are based on what the housing market tells them.
He says they don’t pick numbers, “Those changes are then added to the properties that are similar he explains.
Accurate break the property down by style, location, age, square footage, and whether it has a finished basement among other things.”
While some residents are concerned about a tax increase because their home is worth more, Plamann says if your home’s value went up about the same as other’s property values, then there shouldn’t be a property tax increase.
He gives an example.
He says “let’s say the average increase is 38% in the area and your property goes up 38%, there are no new taxes needed. He says there are four entities of tax which you have the municipal tax, you have the county tax, the school tax, and the technical school tax.”
He says at the end of the year if budgets don’t increase and you’re within the average property value increase, taxes shouldn’t change.
If your property is worth a little more than average, you could be paying a little more in taxes.
But, if it’s under the average you could be paying a little less.
He says there could be an opposite effect if home values went down.
“If values are lowered in the area and let say the average decrease is 20% in the area and your rate only went down 10%, your taxes are going to go up. The mill rate increased because assessments decreased.”
In a previous story, Manitowoc Mayor Justin Nickels said the city had to have property values assessed because the city wasn’t complying with state law of having 90 to 100% of properties being assessed.
He also stated that “assessments of people’s property do not translate to tax increases.”
