From Michael Boyce
To the editor:
The recent increased assessments that Monroe property owners received created shock waves of concern. The assessment on my house increased 15 percent.
The increased assessments reflect that the real estate market in Monroe is hot. Home prices are rising because demand is high and supply is limited. Homes are worth more on the market and this is reflected in the increased assessments. Now is a great time to sell a home in Monroe.
Increased assessments do not equate to increased property tax. Put simply, the property tax you pay is determined by adding up the property taxes charged by the city of Monroe, the Monroe School District, and Green County.
As a percentage of personal income, property taxes in Monroe are among the highest in the United States.
As chair of the city’s Finance and Tax Committee, it is the duty of the Committee to pass a budget that determines the amount of property tax that you pay to the city. Even though property assessments increased in the city, the amount of tax you will pay to the city will likely remain unchanged.
The state of Wisconsin limits the amount a city can raise property taxes, unless the city asks its voters to approve a tax referendum allowing the city to exceed the state limit. Last year’s city budget did not increase the property taxes. This year it is likely that city taxes will not increase, and the city is not asking voters to approve a referendum.
Similarly, it is highly likely that the school district and the county will charge you roughly the same amount in property taxes this year as they did last year.
However, it is very important to note that on the ballot in the upcoming November election the school district has proposed two referendums and Green County has proposed one.
If these referendums don’t pass property taxes will go down about $3,000,000 annually, and your property taxes will go down significantly. If they pass your property taxes will remain about the same.
Voters have the power to lower their tax bill.