According to an update from the City of Janesville, the Assessors Office is underway with the implementation of the City's next revaluation. A citywide revaluation of residential and commercial properties was last completed in 2019. The average assessment increase is estimated to be 30%. Each property owner will be mailed a "Notice of Assessment Change" in April or May of 2023. This notice will contain the previous assessment and the newly proposed assessment for 2023. The Assessor's Office will be collecting market data through December of 2022. Property Assessments fall within compliance standards the Wisconsin Department of Revenue set when sale prices and assessed values are between 90 to 110 percent. Janesville's 2022 ratio is estimated to be around 72 percent.
Revaluations equalize the tax base for all real and personal property using each property's fair market value. Individual tax changes will be based on the average assessment change. If an individual assessment increased more than the average, that property owner would pay more. However, if an individual assessment increased less than the average, that property owner would pay less. Individual assessments that change at the average will pay about the same in tax as the year prior.
If you have any questions about the revaluation process, contact the Assessor's Office at (608) 755-3045.