Platteville presentation: preliminary revaluation shows steep commercial assessment increases; open-book and appeal dates announced

An unidentified presenter at a public meeting in Platteville told attendees that preliminary figures from Accurate Appraisal show sharp assessment increases across the city: "the residential increase on average is 14.7%, and the commercial increase on average is 48.5%," and that the overall community change is estimated at 25.9%.

The presenter said the increases reflect broader market movements and a state equalization process. He pointed to national and state housing trends — including a cited 47% increase in average U.S. housing values over the past four years and an asserted 65% rise in Wisconsin home prices since 2020 — as context for local assessment changes.

The presenter explained that state statute requires municipalities to assess each major property class within 10% of full value at least once in a five‑year period and that the Wisconsin Department of Revenue (DOR) sets equalized or full value for taxing jurisdictions. He said Platteville’s commercial property class has been below the DOR target ratio for four years and that the gap widened in 2023. According to the presenter, the DOR’s commercial equalized value jumped about 12% in 2022 (roughly 20.3% over four years), while the assessor’s 2022 interim update averaged about a 14% commercial increase—leaving commercial assessments behind the DOR benchmark.

On the limits of assessment work outside a full revaluation, the presenter said appraisers cannot change the value of all properties except in a revaluation year and can only adjust individual properties for physical changes unless an interim market update is used. He said the timing of the 2022 update—completed before the DOR published new equalized values—meant the assessor used the prior year’s DOR numbers and the resulting 14% market adjustment did not fully close the gap.

The presenter emphasized that higher assessments do not automatically translate into matching tax increases: "An increase in assessment does not equate to a matching increase in taxes." He illustrated how an increased total assessed value can lower the tax rate if the combined levy by the school district, city, county and technical college does not change; conversely, he cautioned that levy increases by those jurisdictions could still raise individual tax bills.

Because Platteville’s commercial class has been out of compliance for four years, the presenter said another interim market update (revaluation) is required to move assessment ratios closer to the DOR target. He said the 2024 update was scheduled to take place after DOR published equalized values to better ensure compliance.

For property owners seeking review, the presenter outlined next steps: open‑book sessions were offered at City Hall (including walk‑ins), a phone open‑book was scheduled for Sept. 3, and Accurate Appraisal is available by phone or email through September. If a property owner is not satisfied after meeting an assessor, the presenter said they may file an objection and appear before the Board of Review, which will convene Oct. 3 at noon in Council Chambers. He described the Board of Review as a quasi‑judicial process, said objections are decided by roll‑call vote, and noted required steps to appear (meet with assessor, file with the city clerk at least 48 hours before the meeting, and submit a completed objection form).

The meeting concluded with directions on how to request the presentation materials and how to make appointments or attend open‑book sessions.