2024 Assessed Value Revaluation

Due to continuing increases in sale prices of real estate, it has been necessary to increase assessed values significantly in order to bring assessed values in line with sale prices as of the beginning of this year.

It is important to understand that no additional tax revenue will be generated or collected as a result of the market update revaluation. The primary concern of most property owners is how the new valuations will be used to divide and distribute the next tax levy. Unfortunately, the specific effect on taxes cannot be accurately determined at this time. The total tax levy cannot be calculated until all the taxing authorities (School District, Technical College, County, State, and Municipality) have finalized and adopted their budgets. Because many of those budgets are not finalized until late November, the new tax rate cannot be determined until that time. Please do not attempt to estimate your property taxes by applying last year’s tax rate to your new value. Last year’s tax rate is no longer applicable.

The attached letter will mail shortly. Please take a moment to review the notice and contact the City Assessor with any questions.