City assessor details 2025 revaluation, projects $1.8 billion market-value increase

Sam Walker, the city assessor, presented the 2025 citywide revaluation to the Common Council and explained why a revaluation was necessary after the rapid housing-market changes since 2023.

Walker said the 2025 assessments are primarily based on 2024 valid sales and that 22,915 parcels were valued. He reported total market value rising from about $8.7 billion to about $10.5 billion, an increase of approximately $1.8 billion or roughly 20.63%. Walker told council that residential values are averaging an increase of about 14% while commercial values rose much faster in the market, with commercial increases presented at roughly 39% (and earlier figures in the presentation referenced up to 47% for some commercial metrics).

Walker emphasized process and transparency: notices of change will be mailed April 25, open-book review is scheduled April 28'May 16 and the initial board-of-review hearing on June 6. He said the assessor's office had expanded post-reval review work to identify and adjust outliers and to produce a four-page notice with maps, sales data and instructions for appeals. "We are being 100% transparent. We've got nothing to hide and we're willing to put anything and everything out there," Walker said.

Alderman Mike Anderson asked what qualifies as a "valid sale," and Walker replied it is an arm's-length transaction (not a sheriff sale or related-party transfer). Walker also said some properties in pockets did show decreases and those adjustments were made where data indicated them.