Wausau City Hall. MWC file photo.
WAUSAU, WI (WSAU) — The City of Wausau has completed property reassessments, and those who own homes or businesses should expect a significant increase.
According to a news release from Mayor Doug Diny the average home value went up by 50%, with the biggest increases expected for those who own rental, older, or moderately-priced homes. Those with high-end homes will also see a below-average increase.
Commercial properties will see their values increase by about 20%.
The increases are significant because those numbers are used to calculate the annual tax bill for property owners. But according to Mayor Diny, the City Council will work to offset those increases by adjusting the multiplier used in that calculation, known as the mill rate.
The formula for property taxes is assessed valuation times mill rate. Historically, the City (Council) lowers the mill rate during revaluation to offset the increases in assessed values,” said Diny.
Wausau residents should expect a notice of their new assessed value in the mail later this spring. Residents in Schofield have already been mailed their notices.
Schofield was also re-assessed because they get their assessment services from the City of Wausau.
The re-assessment was conducted in January and triggered because Wausau fell below Wisconsin’s assessment ratio compliance range for two consecutive years.
