For the third consecutive year, the Town of Dunn is seeking a revaluation of all real estate assessments. A computer assisted property revaluation was completed in the Town in 2010 and 2011, based largely on 2009 and 2010 sales data respectively. The 2010 revaluation was completed by Gardiner Appraisal Service and the 2011 revaluation was completed by Accurate Appraisals. Now the Town begins work on a revaluation of property values for 2012 that will reflect sales data gathered from sales in 2011.

Sales data from 2011 indicate a decline in value for many properties in the past year. It was determined that a revaluation would be needed to ensure that properties were not over assessed based on the new information. While it is unusual for a revaluation to be completed annually, recent declines in real estate values have caused the Town to contract for more frequent revaluation. The Town has awarded a contract to Accurate Appraisal for 2012. A computer-assisted revaluation of the Town will begin in March of 2012 and is scheduled to be complete in the Fall of 2012.

When the revaluation is complete, property owners whose assessments have chaged will receive a notice of assessment change by mail. Please watch your mailbox in August for a notice from Accurate Appraisals. The Town will conduct Open Book meetings and a Board of Review for residents to get more information or to challenge assessed values. Dates for Open Book will be late in August. If you have questions you may contact the Town Clerk Treasurer, Cathy Hasslinger at 838-1081 Ext. 204.

Q - Why is the revaluation being done in 2012?

A computer assisted revaluation of property was completed last year in 2011 to bring all properties closer to 100% of fair market value under the state assessment guidelines which relied heavily on actual sales data from 2010. Throughout much of 2011, sales data showed that some properties were still selling for less than assessed value and another revaluation is needed to recognize those declines.

It is very unusual for the town to revalue properties in three consecutive years. The decision to undertake an additional revaluation was largely based on 2011 sales data showing a continuing decline in some property values, while others have stabilized or even increased.

Q - Will my home be inspected?

If your property was altered recently, an experienced appraiser from Accurate Appraisals will make a personal visit to your property. The appraiser will need to walk through the interior of your home and also walk around the exterior. The appraiser may take exterior measurements and an exterior photo. The appraiser will be carrying identification.

Q - How does the assessor go about placing a "fair market value" on my property?

Finding the market value of property involves reviewing what similar properties are selling for, what the property would cost today to replace, and factors affecting the real estate market. Valuation techniques for commercial proper-

ties also include analysis from an investment point of view. The assessors have the legal responsibility to discover and report the changes that are occurring in the market place.

Q - Will all assessments be reduced by a percentage?

Not all properties change in value at the same rate over time. In accordance with State guidelines for assessment, the computer assisted revaluation calculates the market value of each property, considering characteristics and neighborhood trends for each property. Some properties will go down, some will go up depending on market conditions and property characteristics.

Q - How can my assessment change when I haven’t done anything to my property?

As property values change in the marketplace, those changes must be reflected on the assessment roll. Economic conditions such as recent home sales in your neighborhood, sales of reasonable comparable buildings, and inflation will influence the value of your real estate.

Q - Will my property taxes increase or decrease due to the revaluation?

The answer to that question is different for each property owner. Property owners with smaller changes in assessment will see smaller changes in their tax bill and those with greater changes in assessment will see a greater impact on their tax bill due to the revaluation. Typically, in a revaluation year, some properties experience an increase in tax, some stay the same, and some decrease. We will not know until the mil-rates are available in December whether new assessments will result in higher or lower taxes on an individual parcel.

Q- What is equalized value and how does it affect my taxes?

The Town’s assessor sets assessed property values at 100% of fair market value based on his opinion and data. The Wisconsin Department of Revenue determines equalized value which is also set at 100% of fair market value based on its opinion and data. These two values should be very close, typically a fraction of one percent different. In recent years, the Department of Revenue’s equalized value determination has been a few percentage points higher than our assessor’s opinion of value. Since the Department of Revenue’s equalized value is used to determine our share of the tax levies for the state, county and school districts, it is important that our equalized value be accurate. The Town’s attorneys will be working closely with the assessor and Department of Revenue to ensure that equalized values most accurately reflect the fair market value of real estate in the town.

Q- How can I learn more?

If you have questions you may contact Accurate Appraisals at 1-800-770-3927 or the Town of Dunn Clerk, Cathy Hasslinger at 838-1081 Ext. 204.

Department of Revenue Publication Guide for Property Owners is available online at: http://www.dor.state.wi.us/pubs/slf/pb060.pdf