Property owners in Milwaukee are receiving new property value assessments this week, which show an average increase of 2%. However, residents in the city’s 1st Aldermanic District, which covers a portion of the northside, are facing a much steeper increase, with assessments jumping by nearly 27%.
TMJ4’s Mike Beiermeister spoke with homeowners and a landlord in the district to gauge their reactions to the significant increase. Jennifer Moore, a homeowner, expressed concern about the reason for such a large assessment increase. “I was really concerned about why,” said Moore. “I didn’t know why it was increased.”
Dominique Walker, another homeowner in the district, was surprised by the news of the increase. “That is incredibly a lot,” said Walker. “It’s kind of ridiculous, especially because this is a great neighborhood.”
The city assessor, Nicole Larsen, explained that state law requires her office to value properties at a fair market value. To determine this value, they consider factors such as sales of similar properties, recent sales of the subject property, and, in the case of commercial properties, rents that the property generates.
A landlord who owns properties in District 1 expressed shock at the assessment increase. “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 plans to contest the assessment to avoid raising rent for his tenants.
The dramatic increase in property value assessments has left many homeowners in Milwaukee alarmed and concerned. “It could be a really hard strain because what are we going to do?” questioned Walker.
Property owners have until May 20 to contest their assessment and file an appeal with the city. More information about the appeal process is available on the city assessor’s website.
