In a move geared towards fairness in property taxation, Wauwatosa has set 2025 as the year to commence a comprehensive citywide revaluation of property values, aligning them with the current market rates. The initiative, as announced by the City of Wauwatosa, seeks to ensure that property taxes are evenly spread across the taxpayer base and to adhere to state mandates that require assessments to reflect the fair market value.
Sarah Tyrrell, Wauwatosa’s City Assessor, stated in the announcement that the goal is "Our goal is to create a fair and transparent process that reflects true property values." This revaluation, essential in reflecting market movements, includes market trends, neighborhood developments, and improvements that can vary property values over time. Starting in the latter part of spring 2025, Wauwatosa's residents will be notified about their new property assessments, which could result in either higher or lower property taxes, or none at all changes, as per the City of Wauwatosa.
In preparation for the upcoming reanalysis, the city plans to host an "Open Book" period, where homeowners are invited to review their new property values with assessors. This initiative will provide clarification for residents about their assessments and is scheduled to take place over several weeks in 2025. To guide residents through the process, Wauwatosa will make available a variety of resources on its website, including FAQs, timelines, and contact information for support.
Tyrrell further added that they understand the revaluation may bring about a mix of reactions. "We are committed to providing all necessary resources to help residents understand the revaluation and its impact,” she mentioned. It's crucial for taxpayers to realize that an uptick in the assessment value doesn't automatically translate into higher taxes; instead, it's about the fair distribution of the tax burden reflective of up-to-date market valuations, according to the City of Wauwatosa.
Those who find discrepancies or do not agree with the new assessments will have a chance to appeal. Detailed guides on how to commence this process will be included with assessment notices and also be posted online.
