MILWAUKEE - The 2022 Milwaukee property assessments will go out to owners in the coming days – and those owners should prepare for what could be a sizable increase in valuation.
Each taxable property in Milwaukee is assessed from time to time. Officials say this reassessment is designed to fairly allocate each taxpayer’s portion of the taxes collected.
It is important to note that a citywide reassessment did not take place in 2021. Over the past two years, the residential real estate market saw a significant increase in the number of sales each year – and a steady and significant increase in prices reflected in those sales. For many taxpayers, the upcoming reassessment notices will include markedly higher valuations.
Officials stress that an increase in an assessment does not necessarily mean an individual’s tax bill will increase.
We will learn more about the assessment trends in the days ahead.