City assessor: preliminary 2024 revaluation shows large assessment gains, preliminary equalized value $395.2M

City Assessor Nate Carlson told the Shell Lake City Council on Aug. 12 that preliminary 2024 property assessments increased substantially across the city, with particularly large gains for lakefront homes.

"The average assessment increase for residential properties is 116%," Carlson said, adding that commercial properties rose 45% on average. He reported that the average assessment increase for residential On-Lake (Shell Lake) properties is 135% and for residential Off-Lake properties is 83%. Carlson said the preliminary Equalized Value is $395,203,600 and that the State posts final 2024 numbers on Aug. 15.

The assessor also provided location-specific equalized values: "The Equalized Value for residential properties on Shell Lake is $294,187,600," he said, and "The Equalized Value for residential properties off the lake is $75,790,000." Carlson presented the figures after Mayor Rowie Hansberger moved the revaluation presentation to the front of the agenda so the assessor could speak earlier in the meeting.

Council member Ken Schultz noted a key distinction between assessed values and property taxes, saying the council should not assume taxes rise in direct proportion to assessment increases. The council did not take any tax-rate action at the Aug. 12 meeting; Carlson emphasized the figures were preliminary and subject to the State's final posting on Aug. 15.

What happens next: the State's final equalized values will be posted Aug. 15; any future tax-rate adjustments would follow statutory procedures and additional council consideration. The assessor's presentation provides the council and residents an early view of the changed assessment base for budget and tax-rate planning in the coming months.