Introduction
In this article, we will be discussing the reevaluation of property in the city of Janesville. Michelle Laube, the City Assessor for Janesville, provides an update on the progress of the revaluation process and explains the importance of bringing properties to 100% of fair market value. With the goal of creating equitable assessments and distributing the tax burden proportionately, the city aims to reflect the actual sale prices that have occurred throughout the community. Despite the challenges posed by the ever-changing market and housing shortage, the city has made significant progress in adding new housing units. However, there is still a long way to go to meet the demand.
The Goal of the Revaluation Process
The main purpose of the reevaluation is to bring properties in Janesville to their fair market value. The goal is to align the list price at which properties can be sold with their assessments. However, due to the fluctuating nature of the market, keeping up with the changes has been a challenge. The revaluation process is based on sales that occurred during the previous year, and given that Janesville is currently experiencing a seller’s market with a low supply of listings, property prices have increased.
Impact of the Housing Shortage on Assessment Values
Despite efforts to address the housing shortage, Janesville is still in need of more housing options. The demand for housing exceeds the supply, making it challenging for new businesses and employees to find suitable accommodations. Between 2019 and the end of 2022, Janesville added a total of 1,028 housing units, including single-family and multi-family homes. However, as of April 30th, 2023, only four new single-family properties have been added, and there are 100 multi-family units in the works. These numbers indicate that the city still has a long way to go in meeting the housing demand.
The Impact of Revaluation on Property Assessments
The average assessed value of properties in Janesville for 2023 has significantly increased compared to 2011. The upward trend in property values reflects the overall growth and development in the city. The average anticipated increase in property taxes, which determines whether property owners will pay more or less in taxes, is estimated to be around 44 percent. It is essential to note that revaluations are revenue-neutral, meaning that they only redistribute the tax burden based on the market value of each property. Therefore, individual tax changes will depend on how your property’s value compares to the average.
Understanding the Revaluation Process
To help property owners understand the impact of the revaluation, the City Assessor’s Office offers various resources and tools. These include a list of sales used to determine property values, estimated tax calculators, and links to the Department of Revenue and other relevant sources. Property owners are encouraged to do some research before reaching out to the City Assessor’s Office. They can consult websites like Zillow or contact real estate agents to get a sense of recent sale prices in their neighborhood. By doing this, property owners can determine the accuracy of their assessment and understand any changes in their tax liability.
The Role of Open Book and Board of Review
Open Book, which is the first step in the appeals process, gives property owners an opportunity to discuss their assessments with the City Assessor. This period runs from June 1st to June 15th and requires an appointment. Property owners can contact the City Assessor’s Office to schedule their appointments. After Open Book, the next step is the Board of Review, tentatively set to begin on August 1st, where property owners can further appeal their assessments. It is important to note that the dates mentioned are subject to change, so property owners should stay updated on any schedule adjustments.
Navigating the Revaluation Process
Michelle Laube emphasizes that the revaluation process can be overwhelming for property owners and asks for patience during this period. Given the limited staff resources, property owners are urged to consult the available resources before contacting the City Assessor’s Office. The provided tools, such as the list of sales and estimated tax calculator, can help property owners assess the impact of the revaluation on their tax liability.
Conclusion
The reevaluation of property in the city of Janesville is an ongoing process that aims to bring properties to their fair market value. By reflecting actual sale prices and redistributing the tax burden, the city strives to achieve equitable assessments for all properties. The housing shortage in Janesville poses a challenge in meeting the demand for housing, and efforts are being made to address this issue. Property owners are encouraged to utilize the tools and resources provided by the City Assessor’s Office to better understand the impact of revaluation on their tax liability. By doing so, property owners can make informed decisions regarding their properties and taxes.
Keywords: city of Janesville assessor, reevaluation of property, fair market value, tax burden, housing shortage, Janesville property values, revaluation process, open book, Board of Review.