Assessor Terry Johnson told the Superior Common Council on Aug. 3 that the assessor’s office is responsible for valuing and classifying real property within the city and described steps the city will take to complete a revaluation.

Johnson said revaluations are guided by Wisconsin Statutes Chapter 70 and the Wisconsin Property Assessment Manual and described three standard approaches to valuation: the sales-comparison approach, the income approach for commercial properties and the cost approach for unique structures. He said the city can perform an exterior-only revaluation or a full interior inspection; he estimated a full revaluation with interior inspections could cost about $600,000–$700,000 and that a multi-year, staged approach over two to three years may be needed with current staff levels.

Johnson outlined the assessment calendar: values are set as of Jan. 1; the city will send value notices at least 30 days before the board of review; an open-book period will begin about 30 days prior to the board of review; and the municipal assessment report is reviewed by the Wisconsin Department of Revenue. He reported the city’s sales-ratio was “just below 90%” in 2020 and trending toward about 85%, which he said indicates the assessment model needs updating.

Councilors asked how a revaluation affects individual tax bills and whether the state sets acceptable valuation thresholds. Johnson said equalization keeps everyone on a common basis and that changing assessed values alone does not automatically change the total levy. He added the state requires municipalities to be within 10% of full value every five years and could require a revaluation if a city is out of compliance.

On implementation, Johnson emphasized the process is market-driven: “When we get all that done with the sales-comparison model ... we gotta go ahead and start establishing the values on these properties based on that sales model.” He also described routine functions of the assessor’s office, including parcel splits, coordination with Douglas County on listers, and producing monthly mobile-home reports.

The council thanked Johnson and encouraged follow-up conversations as the city moves toward a revaluation and the board of review timeline.