Today, the Wisconsin Department of Revenue (DOR) posted its preliminary Equalized Values, Tax Incremental District (TID) Values, Net New Construction Report and County Apportionment Report.
DOR posts the 2020 preliminary Equalized Values Report to provide municipalities with the opportunity to review the values before they are certified on Friday, August 14. It should be noted that preliminary Equalized Values often change before they are certified.
Equalized Values are calculated annually and used to ensure fairness and equity in statewide property tax distribution. The Equalized Value represents an estimate of a taxation district’s total taxable value and provides for the fair apportionment of school district and county levies to each municipality. Changes in Equalized Value do not necessarily translate into a change in property taxes.
DOR encourages municipalities and assessors statewide to review their preliminary Equalized Values and contact DOR as soon as possible before August 7 if they have questions or concerns.
· August 7 – Deadline to review reports and for municipalities to contact an Equalization Bureau District Office about the Preliminary Equalized Values
· August 14 – DOR publishes the 2020 Final Equalized Values, TID Values, Net New Construction Report and County Apportionment Report, and notifies stakeholders
For more details on reviewing the available reports, guidelines for warranted changes and additional information, visit our website.