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City presents 2024 revaluation: residential up ~14.7%, commercial up ~48.5%; board of review scheduled Oct. 3
Summary
City staff presented preliminary assessment changes showing average residential increases of 14.7% and commercial increases of 48.5%, explained the statutory need for an interim market update, and outlined open‑book appointments and the Oct. 3 board of review date.
City staff presented an interim market update on Aug. 27 showing preliminary assessment changes for 2024: residential assessments rose on average about 14.7%, commercial assessments about 48.5%, and the overall community assessment change is estimated at roughly 25.9%.
Nicola explained state statute requires municipal assessments for major property classes to be within 10% of full (equalized) value at least once within a five‑year period; Platteville’s commercial class had been below the statutory target for four years, triggering the need for an interim market update. The update was advanced to 2024 to meet compliance and to avoid revenue impacts to TIF districts in prior years.
Staff emphasized that an increase in assessed value does not automatically equal the same percentage increase in property taxes. ‘‘If total assessed value increases and total levy stays the same, the tax rate would actually decrease,’’ Nicola said, explaining that actual tax bill changes will depend on combined levy decisions by the school district, city, county and technical college.
Next steps: open‑book appointments were made available at City Hall for the days following the meeting, assessors will take walk‑ins and phone appointments, and the board of review will convene Oct. 3 at noon. Staff advised residents to meet with the assessor first; if still dissatisfied they must file an objection with the city clerk at least 48 hours before the board of review and complete the required form.
Council members asked about causes and frequency of large increases; staff cited housing market dynamics, supply and demand, and timing of state equalized value changes as contributing factors. No changes to levy or tax rates were made at the meeting.
