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CONLEY COMMENTARY (WSAU) – The home I bought four years ago has been a phenomenal investment. I bought my single family house for $100,000. I locked in a very low 4% interest rate. My home is now assessed at $138,900. I can’t think of any investment I’ve made that’s gone up by nearly 50% over the last four years. My mortgage is much less – probably about half – of what a renter would pay for a similar place to live.
Everyone who owns property in Wausau is undergoing reassessment this year. Your property will be on the city’s tax rolls at what it’s really worth, and you’ll be taxed accordingly.
Even if you haven’t received the official revaluation notice in the mail, the new property values are posted online on the city’s web site. There’s a link here.
Revaluation does not automatically raise your taxes. Supposed, hypothetically, all property in Wausau is valued at $100-million, and the mil rate (or tax rate) is $5-per thousand. If property values doubled in the city to $200-million, the tax rate would be reduced to $2.50. Your taxes might change if your property value went up faster than other types of property. That is the case with smaller, residential homes in Wausau. Their value is up, on average, of about 50%. Commercial real estate didn’t go up as much, about 20%. Slightly more of the tax burden will be shifted from businesses to homeowners.
The impact on your tax bill won’t be known until the city budget is written. That process begins in the summer and won’t be finalized until the late fall. Watch closely and make sure your voice is heard. Wausau Mayor Dong Diny says some city departments will be under zero-based budgeting in the upcoming year. That is, each line in their budget will be reviewed and debated, instead of getting a year-over-year increase to continue business as usual. Watch the city council closely. There are only three new faces on the council; the same big-spenders from past budgets are still there. Also keep an eye on the Wausau school board. School taxes are usually higher than municipal taxes. Two liberals won seats on the school board, and already there is talk of a maximum tax increase that’s allowed by state law, and, perhaps a fall referendum for additional operating money. They’re taking a survey this month; tell them ‘no’. Also watch your Marathon County Board of Supervisors and your Community and Technical College board. They have the power to raise your taxes too.
Remember this. Revaluation is neither good nor bad. It’s just a crunching of the numbers. Your taxes are based on the decisions your elected officials make. They’re the ones who need close scrutiny between now and tax time.
Chris Conley
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