Suamico board approves $88,000 market-revaluation contract for 2025

The Suamico Village Board voted unanimously Monday to hire Fair Market Assessments for a market revaluation of property assessments, approving a contract not to exceed $88,000.

Administrator Caker introduced the proposal and said the village must act because state rules require a revaluation when assessed-to-equalized value ratios deviate more than 10 percentage points. "So the plan would be for Joe to perform a market revaluation, done in 2025," the administrator said.

Joe (Fair Market Assessments) told the board that Suamico's assessed-to-equalized ratio is roughly 71–72 percent and that sales data over the last several years left the village out of compliance. He described the proposed $88,000 contract as higher than the village's 2020 contract, which cost about $77,000, and said the market has slowed but still shows modest increases in sale prices.

Trustee Andrews moved to approve the contract; Trustee Stevens seconded. The board took a roll call and the motion carried unanimously, 6-0. Administrator Caker said the expense will be included in the 2025 budget.

Board members emphasized that a higher assessed value does not automatically mean a proportional increase in tax bills; Joe explained that tax rates are adjusted so individual taxpayers often see rate decreases when assessments rise unless other taxing jurisdictions increase their levies.

The next steps include completing the revaluation work in 2025 and scheduling any required board of review dates once the assessment numbers and the state's preliminary equalized values are available.