- Appleton's recent property value revaluation may bring tax hikes for some homeowners due to the soaring real estate market prices, with values increasing by as much as 40%.
- Appleton city assessor Matthew Tooke explains that this revaluation, mandated by state law when assessments are out of market value, was necessary given the rise in property values.
- While some homeowners are pleased with the increase in their property values, there is a realization that higher taxes are a consequence for some, which will contribute to various services outlined in December’s tax bill.
(The following is a transcription of the full broadcast story)
An update of Appleton's property values was completed this month, and some homeowners likely will face tax hikes due to the high prices in the real estate market. I’m Olivia Acree, your Appleton neighborhood reporter, breaking down the city’s revaluation.
“It’s a way to redistribute the property tax basis, according to what’s happening in the current market,” said Matthew Tooke, the Appleton city assessor.
That's Appleton city assessor Matthew Tooke. He says state law requires a revaluation when assessments are ten percent out of market value. With recent real estate trends, it was time for an update.
“When you’re talking about a 40% increase that definitely does raise concern,” said Tooke.
Fox valley realtor Amanda Furman has never seen anything like that raise.
“The real estate market area has never seen an increase that significantly,” said Furman.
Neither have her buyers.
“I’ve had lots of current property owners reach out to me and saying hey, I got this reevaluation letter. It says my house is worth this. I think that’s crazy,” said Furman.
Once revaluation letters were sent, Tooke said that they got around 1000 inquiries.
His office completed about 675 assessments, and they ended up making about 250 changes.
“Usually due to condition issues or just simply things that we maybe weren’t aware of things,” said Tooke.
Appleton alderperson Kristin Alfheim is also a homeowner.
“Our house did go up which I'm glad it did. Really every homeowner would want their values to go up for future sale or equity value,” said Alfheim.
But with values going up, there comes another price for everyone.
“I've yet to meet anyone who enjoys paying taxes and the reality is. We also want our potholes fixed. We also want sidewalks that are walkable,” said Alfheim.
The taxes collected will go to the city, schools, county, state, and tech college and the breakdown will be available in your December tax bill.
