MILWAUKEE - Milwaukee homeowners should be sure to check the mail this week. Property assessments are headed your way, with an average 18% increase.
As home value goes up, some have concern.
Because the market for residential real estate was so hot in ‘20 and ’21, real estate prices have increased. Property owners are likely to see an increase in their values.
Milwaukee Assessment Commissioner Nicole Larsen says 93% of Milwaukee property owners will see an increase in their home value. The average increase is almost 18%.
"In 2022, we are feeling the result of two years worth of market activity since we didn’t revalue in 2021," said Larsen.
The aldermanic districts with the highest property value increase are District 7, with a 32% increase; District 15, with a 31% increase and District 2, with a 30% increase.
"There will be a flood of protests over this, an absolute flood because I can speak for a lot of my neighbors," said Alderman Bob Bauman. "Their incomes haven’t gone up 18%."
Alderman Bauman expressed concern during a committee meeting last week.
"You will be putting a substantial squeeze on the homeowners trying to hang on in some of these lower-income neighborhoods," said Bauman.
Larsen responded to Bauman's concern.
"The percentage increase is only the increase in the valuation," said Larsen. "It’s not an increase in the taxes, right."
Milwaukee still has to determine the tax levy. That will be decided later this year by the Common Council and the mayor during the annual budget process.
If you have questions about your property value or you think the assessment is too high, you can file an appeal online. You're asked to call Milwaukee's appraiser hotline first to talk about your home value. You have until May 16 to file an appeal.