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State warns Milwaukee on commercial valuation; assessor's office plans full 2025 revaluation to restore compliance
Summary
The Department of Revenue’s preliminary major‑class comparison put Milwaukee’s commercial property valuation outside the state’s 90%–110% benchmark; the assessor’s office said it will complete a full revaluation in 2025 to cure the noncompliance.
Milwaukee’s assessor’s office told the Finance and Personnel Committee on Jan. 15 it is responding to a Department of Revenue notice of noncompliance for commercial property valuation and expects a citywide revaluation in 2025 to restore compliance.
Commissioner of Assessments Nicole Larson and Deputy Chief Assessor Bill Bowers explained the Department of Revenue’s preliminary major‑class comparison — required by state statute (Wis. Stat. ch. 70) — measures how a municipality’s assessed values compare to the state’s equalized 100% market benchmark. The statutory goal is for a municipality’s class‑level ratios to fall within…
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