The valuation and assessment of property is the responsibility of the Assessor’s Office. The City of Monona contracts with a private firm, Accurate Appraisal, LLC., to perform the statutory duties of appraising all newly-constructed buildings and major remodeling of real property.
The City of Monona performs a revaluation of all property annually. This program, called Full Value Assessment, means all property within the city is reviewed and assessed to fair market value every year. Fair Market Value is the price for which a property would sell on the open market and is determined by reviewing valid sales between a willing buyer and a willing seller. Read more about how Monona properties are assessed here.
Watch this video explaining the assessment process
Your assessed value can increase or decrease each year depending on current market conditions, regardless of whether or not you've made any changes or improvements to your property. Generally, if the market value drops values within the city, your property value will fall to match market value. If values are increasing you will see an increase in your value.
It's important to know that assessors don’t set tax rates, and the revaluation does not change the amount of tax collected by the city, county, school district or technical college. Your property taxes are based on the mill rate, which is the amount of tax payable per $1,000 of property value. If your property assessment increases, it doesn't automatically mean that your property taxes will increase because your assessment is relative to the other properties in the City.
Property Assessments Mailed in April
In mid-April, all property owners receive a letter (via U.S. mail) informing them of their current assessment, even if the assessment has not changed from the previous year. Beginning in mid-April, the assessment roll for the entire city is available for review at City Hall. Property owners are then given the opportunity to contest their property’s assessment through a formal process which begins with Open Book. Open Book is an opportunity to meet with an assessor (in person or via phone) and explain why you think your property’s assessment is too low or too high. This is a more informal process, and many discrepancies are resolved this way. Property owners who are still dissatisfied with the results after Open Book may then make an appeal to the Board of Review. The process of property assessment appeals is legislated by State Statute. A guide for property owners regarding this process can be found on the Wisconsin Department of Revenue's website.