Why Is My Property Assessment Increasing?
Property values in the City of Burlington have experienced relatively modest growth in recent years, but nearly 10 years after the housing market crisis, property values are finally on the rise again. In 2017, 157 single-family and two-family homes sold in the city of Burlington. Many sold for higher than market value. Some sold for as much as 40% higher than assessed value, thus increasing the base assessment rate.
State law requires that properties are assessed on a fair and equitable basis. The goal is to assess all properties to closely approximate 100% of the current fair market value so that no property is under or over taxed. The City of Burlington has contracted with Accurate Appraisal to conduct the annual assessment processes. The process includes comparisons of the following:
- Similar housing types (i.e. ranch, colonial, condo, etc.)
- Neighborhood type
- Comparable property sales from that year
For example, a ranch style home in a particular neighborhood may have seen an assessment increase of 8% based off the average of sales for this type of home in this type of neighborhood, whereas, a ranch style home in a different neighborhood may have seen a 10% increase.
A property assessment is based on a number of factors including, but not limited to house type, neighborhood, number of beds and bathrooms, square footage, building grade, finished basement, exterior structures/out buildings, issued building permits, recent construction and depreciation.
Given that more properties in the City are selling at higher market values, these comparables are increasing assessments. We are encouraged to see increasing prosperity in this great City! The increases in property values may have increased equity in your property; however, if you feel your property value is misrepresented, you can appeal your assessment.
To Appeal Your Assessment
If you have concerns about your assessment, please contact Accurate Appraisal at (800) 770-3927. Minor errors and misunderstandings can often be corrected by meeting or speaking with the assessor without initiating a formal appeal. To be heard by the Board of Review you must first provide written or
oral notice of your intent to file an objection to the board with the City Clerk, 300 N. Pine Street or 342-1171. This notice must be made at least 48 hours before the board’s first scheduled meeting. You may only appeal the current year’s assessment. The 2018 Board of Review meeting date is August 28 from 4 to 6 p.m.
Property Taxes
Assessment increases do not automatically mean property tax increases. In fact, higher assessments can mean a lower tax rate is needed to achieve the same tax amount. All of this is determined during the annual budget process each fall. Property taxes are based on the assessed value multiplied by the MIL rate, and then divided by 1000. The MIL rate is based off expenditures for all the taxing jurisdictions
within each annual budget and the overall value of the City. Budget workshops for the City of Burlington will be held in October 2018 and final determination of the overall MIL rate that includes the City of Burlington, Racine County, Burlington Area School District and Gateway Technical College will be in late November 2018.
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Revaluation FAQ