MILWAUKEE — New property assessments are being mailed out to residents this week.
The average increase is more than 17%, according to the city assessor's office. Property owners in Milwaukee's 1st Aldermanic District, which covers a portion of the city's northside, are seeing the biggest increase at nearly 27%.
TMJ4's Mike Beiermeister walked and drove throughout the district, speaking with homeowners and a landlord about the jump in their property value assessments.
Jennifer Moore was out cutting the grass. She questions the reason for such a major increase.
"I was really concerned about why," said Moore. "I didn't know why it was increased."
Dominique Walker recently moved into a home in the district. She's a mother of three and tells us she really enjoys her new home and her neighbors.
When Mike shared the news with her about the increase in her neighborhood, here's what she had to say about the increase.
"That is incredibly a lot," said Walker. "It's kind of ridiculous, especially because this is a great neighborhood."
In a video released by the city assessor, Nicole Larsen, commissioner of assessments, says that state law requires that the office value the properties at a fair market value. In order to establish fair market value, she says they look at such things as sales of similar properties, sales of the subject property if a property has sold recently, and, in the case of commercial properties, rents that a property generates.
A landlord who didn't want to be on camera owns a few properties in District 1 and was shocked to see the assessment.
"I'm looking at it like I've got a bunch of properties, so ultimately, I'm going to have to transfer that increase to my tenants," said the landlord.
He already plans to contest to try to keep from increasing the rent for his tenants.
The dramatic increase is still leaving homeowners in this section of Milwaukee alarmed and concerned.
"It could be a really hard strain because what are we going to do?" questioned Walker.
The 2024 assessed values are available here to search by clicking here.
Every taxable property owner will receive an assessment notice.
The open book period is available now until May 20 from 8:00 a.m. to 4:45 p.m., Monday through Friday. Property owners can contest their assessment during this time. An appraiser hotline is available at 414-286-6565.
If you think your property value is not accurate, you can appeal. The deadline to file with the city is May 20, always the third Monday in May.
To learn more about the appeal process, click here: Appeals (milwaukee.gov)
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