Nearly three in four Milwaukee homeowners will see their property values increase this year, as assessments rose throughout the city.
An annual revaluation compiled by the Milwaukee City Assessors Office shows that total property values have increased in each of the city’s aldermanic districts. In 13 of 15 aldermanic districts, the increase in residential properties’ values was by more than 3 percent.
Of the approximately 150,000 assessment notices mailed on Friday, 72 percent went to owners who will see an increase. Another 20 percent went to owners who will see no change and 7.5 percent to people whose properties declined in value. Property assessments are used to determine how much of a city’s tax levy each taxpayer owes.
“Assessments are a direct reflection of what the real estate markets say about our neighborhoods,” Mayor Tom Barrett said in a news release. “The message from the markets is very positive for neighborhoods all across the City.”
Every category of residential and commercial property rose in value in 2018. Apartments increased the most, rising in value by more than 10 percent.
The total assessed value of property in Milwaukee this year was nearly $27 billion, up by $1.7 billion from last year.Follow @natebeck9