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Germantown assessor says 2024 revaluation restored assessment uniformity after sharp recent appreciation
Summary
Village assessor Mark Brown presented a 2024 interim market update showing a rebound in residential sales that required a revaluation to bring assessments into line with Department of Revenue measures; the median sales-to-assessment ratio returned to about 98% after prior underassessment.
Mark Brown, Germantown village assessor, told the General Government and Finance Committee that a 2024 revaluation was performed to bring property assessments back in line with state measures after rapid market appreciation.
The revaluation used calendar-year 2023 and 2024 sales; Brown said the village’s median sales-to-assessment ratio for those sales is about 98%, compared with roughly 77% before the revaluation. He said state monitoring requires assessments to be within 10% of the Wisconsin Department of Revenue’s equalized value “at least once in a 4 year period,” citing Wisconsin statutes that govern assessment equalization.
Brown said assessors validate sales for ratio studies and exclude non-arm’s-length transactions. He told trustees the assessor’s office compiled 272 usable sales for…
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