Onalaska conducts citywide property reevaluation amid rising market trends

In the heart of Onalaska, city officials gathered to discuss a pressing issue that affects every homeowner and business in the community: the need for a comprehensive property revaluation. As the meeting unfolded, the importance of maintaining equitable property assessments became clear, especially in light of recent market fluctuations.

Eddie, a key speaker at the meeting, explained that the city’s last revaluation occurred in 2022, but by 2023, Onalaska had already fallen out of compliance with state equalized value standards. The city’s equalized value dropped to 89% in 2023 and further declined to 81% in 2024. This decline highlights the necessity for a revaluation, which involves a thorough review and reassessment of every property in the city to ensure fairness in taxation.

Brandon, another speaker, provided insights into the data driving this revaluation. He noted that the analysis included 544 valid sales transactions from 2023 and 2024, yielding a coefficient of dispersion of 12.73—well within the acceptable range set by the Department of Revenue. This statistic indicates a reliable data set for determining property values.

The meeting revealed significant trends in property values. Residential properties are experiencing an average increase of 27 to 28%, while commercial properties are seeing even steeper rises, averaging between 32 and 35%. These increases reflect broader market trends, including rising rents and lower vacancy rates, particularly in sectors like rentals and warehouses.

As the discussion wrapped up, the implications of these findings became evident. The revaluation is not merely a bureaucratic necessity; it is a crucial step toward ensuring that property taxes reflect current market realities. For residents and business owners alike, understanding these changes is vital as they prepare for the financial impacts of updated assessments in the coming years. The city of Onalaska stands at a pivotal moment, balancing the need for fair taxation with the realities of a changing market landscape.