Eau Claire (WQOW) – In recent weeks, you may have gotten a letter saying your home’s value is way up.
The City of Eau Claire’s Assessor’s Office has completed the revaluation of all property in Eau Claire for 2018 and property values are up, and even surpass market values.
“On average, citywide, the average increase is a little bit over 16 percent in the assessed value of property within the community,” said Jay Winzenz, finance director for the City of Eau Claire.
This is the first time the city has reassessed the value of homes since 2013. The assessor’s office looked at how properties would sell in the current marketplace, with factors including location and other property features.
“We attempt to view those properties, we send letters to property owners, so we get a good idea of what that sale price included; whether there’s basement finish; whether there’s some improvements that have been made to the property, or if it’s a standard, average home,” said Heidi Ender, city assessor. “We get a good idea then how properties in that neighborhood would sell if they were going to be listed with a realtor.”
The main cause for the jump in value is inflation. But what does that mean for your taxes?
“I think one of the big misconceptions out there among property owners and residents is that if their assessed value goes up that their property tax bill is automatically going to go up,” said Winzenz.
The city council is in the process of starting a tax levy. A tax levy gets divided by the total assessed value of the community to generate a property tax rate, or mill rate. The city council can decide whether to increase the property tax rate. But Winzenz said that’s unlikely.
“When the entire assessed value of the community goes up, as it is under the revaluation that’s going on right now, the mill rate actually goes down,” said Winzenz. “So, if a property owner, if their increase in their assessed value is around that average of 16 percent, it’s likely they won’t see any increase in their property tax bill due to the revaluation.”
Assessors said the average price of a home in Eau Claire is about $175,000 to $180,000. Winzenz said for those whose property values increased less than 16 percent, they could likely see a drop in property taxes. For those that went above that 16 percent mark, they could see an increase.
Eau Claire assessor’s said the next revaluation for market conditions will be in 2021.