Revaluations
City of New Berlin Revaluation/2024
The most recent adjustment of property assessments will be for the 2024 assessment roll. At that time, analysis of the real estate market between 2018 and 2023 was performed and the 2024 assessments will be updated to reflect the market change in real estate prices over that time.
Since that time, residential and commercial sales prices have experienced continuous upward pressure resulting from high monthly absorption rates and competitive bidding on historically low sales volume. Sales volume is a reflection of the interaction of supply and demand. The Wisconsin Department of Revenue Equalization Bureau monitors assessment levels of all 1,912 municipalities in Wisconsin and directs each community to adjust their property assessments when they need to be revalued.
Purpose of Revaluations
A revaluation is the process of adjusting the assessment for all taxable real property in New Berlin for the purpose of re-balancing the burden of tax between residential and commercial property and between residential neighborhoods and by bringing assessments closer to current market sale price levels using market activity since the 2018 Revaluation as a guide.
The primary reasons for revaluation include:
- Bringing current assessments within statutory guidelines
- Eliminating inequities that may exist in the assessments of property
Uniformity, equity, and fairness are the core reasons for conducting revaluations.
Current Revaluation Cycle
The city is on a periodic revaluation cycle. The last city-wide revaluation was for 2018; since that time the Assessor's office has been in a general maintenance cycle, where we account for changes due to new construction, land splits, combinations, remodeling, and permit-related activity.
2024 has been scheduled as a Revaluation year, where all property values will be adjusted to reflect market activity since 2018.
For More Information
For more information about revaluations, please contact the assessor's office at (262) 797-2465.