MONROE — For the first time, the city is conducting a process of annual re-evaluation of property values, with this being the first year of back-to-back re-appraisals.
The move comes in the midst of a booming housing market and a shortage of overall housing stock in the city.
“The market has seen large swings in value over the past few years,” said a memo to the city’s Common Council, which discussed the new process in detail at its May 6 meeting. “We recognize that these changes can be challenging to understand, especially in uncertain times, however, please know that our goal is to ensure that assessed values accurately reflect market value while providing fair and equitable basis for taxes on an annual basis.”
Previously the city did re-assessments every two to three years, officials said, noting a need to educate homeowners about the new effort. Assessments determine how much property taxes are owed on a given property based on its value.
“It’s a complex process,” said City Administrator Brittney Rindy.
Overall, the city expects to see 5% average in increased assessed values city-wide in 2024, according to Brandon Rusch, the city’s assessor, who works for Accurate Appraisal, the city’s contracted assessment firm. Officials emphasize that every assessor operating in Monroe drives well-marked vehicles, have identification badges and are wearing Accurate apparel for clear identification.
Prior to the back-to-back updates for the last two years, the last interim market update was completed in 2018.
“We believe in transparency throughout the assessment process,” the council presentation said. “We aim to uphold fairness and accuracy in property assessments while providing you with the information you need to make informed decisions about your property and understand the broader context of property assessments.”
Citizens can challenge their assessments during a 35 to 45 day “open book” period scheduled each year to question their annual assessments. If a citizen is still not satisfied during the open period, they also have the right to file an objection with the city clerk to request a more formal review process with the city and Accurate Appraisal.
“I always like to say that it functions a lot like a court hearing,” said Rusch, with the appraiser and the home owner each presenting evidence to a board of their view of the assessor’s figures. “You do need to come in with evidence you can’t just come in with your word.”
Rindy said the new process should make it easier to understand and lessen the shock of swings in assessments that can happen when only conducted every three to five years. Accurate Appraisal, she added, is streamlining the process.
“Their first year in 2022 was for them to get acclimated, then the first full market revaluation in 2023 followed by interim market updates annually going forward,” she said.
Factors in the overall assessment process, according to officials, include: location, style, size, age and condition of a given property. A combination of the city’s total assessed value and the mill rate ultimately determine the tax rate.
But even homes that look the same or of similar size can differ widely in assessment making it difficult to compare on appearance alone, according to Rusch.
“Yes, your neighbors’ home may look the same on the outside but on the inside, there can be a lot of differences,” including whether the basement is finished or the number of bathrooms.
Ald. Tom Miller urged citizens to go online to learn more about the process, to see their specific assessment and to help ensure accuracy. The city also has a form online to make an appointment with a city appraiser or staffer to discuss the process.
“We had some problems last year when people did not know the accurate information and were handed out wrong information, and caused a lot problems,” said Miller, who served on the Board of Review last year. “Do a little homework.”