Homes for sale Madison Wisconsin and real estate talk: city tax assessment

If you are a property owner in the city of Madison you will have received a white post card in the mail this last weekend.

It is the 2011 Assessment of your property. It tells you how much value the city places on the property.

Of the things it is not: It is not an accurate estimate of value.

Just as Zillow estimate, it is based on statistics, and once in a while a city employee will enter each property. (every 20 years?). Most assessors do not sell homes.

The true measure of a home is what a buyer is willing to pay at any particular time, and what the seller is willing to part with it.

That straight! There is a possibility that your assessment is wrong!!! Imagine! In these days of falling prices, it is likely that the city is too high. (and maybe reluctant to lower values because of the tax base).

Although a high assessment may help you when selling, a high assessment will also increase your tax bill unequally.

If you feel your assessment is more that you could sell the property for, then the one thing you can do is challenge the city.

Challenging the Assessment

This is not as difficult as it sounds. And it starts with a simple phone call to the city. (in Madison 608 266 4531) Tell the clerk that you wish to “Object” to the value. You should have some sort of reason, but it does not really have to be much. This phone call needs to be before May 9^th 2011.

This simple call will start a process that causes the assessment to be reevaluated. (in my experience they usually reduce by a few thousand.)

If that is satisfactory you leave it at that. If you are still not happy, the next phase is to file a written objection with the board of review. You can find out from the clerk what you need to do. (it is also on the back of your assessment card.)

If you need city data, the easiest way is to go to our web site www.RealEstateGuy.Net and complete a “how much is my home worth?” or market snapshot form.

While you are at it, here is our latest search technology. Search homes for sale Madison Wi

RealEstateGuy has been a full time, full service Realtor since 1993. He is dedicated to helping people achieve their Real Estate Goals and dreams. In order to provide more specialized service, Guy selected a team of specialists. Guy believes in constantly learning more, so regularly attends national seminars and trainings. Guy has been a top producer, leader in his office, a president of the Wisconsin chapter of CRS, and has spoken at State Realtor Conventions.