Twin Lakes to have property revaluation in 2021

Property owners in Twin Lakes will have their land revalued this year.

Accurate Appraisals, the village’s assessor since 2014, gave a presentation on the process at Monday’s Village Board committee of the whole meeting.

The Wisconsin-based company works in thee-year contracts with the village, explained Accurate representative Bill Gaber. The first and third years see maintenance revaluations based on properties that have had known changes or improvements.

In the second year, a full revaluation that looks at the value of every property in the village is conducted.

State regulations call for a municipality’s total property value to be within 90 percent of market value. The state sets the market value based on sales activity.

Gaber said most classes of property in Twin Lakes are now at about 85 percent of market value, indicating the need for a revaluation.

Accurate will attempt to get values as close to 100 percent of market value as possible, meaning many properties’s assessed value is going to go up 15 to 20 percent through the revaluation process, Gaber said.

A revaluation helps ensure that each property is paying its fair share of the tax load, Gaber said.

Field work for the revaluation will begin in April, Gaber said. Notices of new values will be sent out when the revalue is completed, likely this summer.

The new values can be appealed at Open Book. If an agreement cannot be reached there, then a case can advance to the Board of Review.

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