53k and change. How is this determined?

its past time for another tea party. could have finished building a couple hundred thousand miles of border wall for what was sent just to ukraine. could have built a couple thousand mental hospitals to commit the mentally ill wandering our streets.

ptoperty tax is local. local government here wastes money in the same fashion. i have not got my property tax bill. what great day that will be i am sure

Most likely from what similar properties like yours have sold for in your area.

Lots of people seem to thing land around them selling for many time what they paid for theirs is a good thing. It is but only if you plan on selling it. If you're planning on keeping it it only means you pay more taxes on " your" land to keep it.

Danny,

The letter/notification I got was from the state, how does that work?

You don’t pay federal property tax. Just state. Some states you don’t pay on vehicles. Ky sucks on taxes when you license boats or cars. BUT imagine this no tax on sale of thoroughbred horses

How well their retirement plans are going.

Yeah people tell you I own my property I paid the mortgage off! Well just quit paying the taxes on it let me know how you make out??? It's like your pay rent for the rest of your life!

The county determines how much money they want to spend, how much they think they can get by with paying themselves, and how much they need to shuffle to uncle Bob, Billy and aunt Suzy. Then they look at how much they can waste and then they determine that a bunch of your money needs to go into a rainy day fund for wastful projects later. Then they look at last year's income taxes and determine that you didn't pay them enough to cover all their wasteful spending so they send you a letter raising the value of your property therefore increasing your property tax. If that doesn't work they just raise the amount per 1000 dollars of value that you will have to pay. There is nothing scientific about it its all based on wasteful spending! Soon they will own all our properties. We will own nothing and will be happy about it!

I think that's determined by the state AG and a judge.

If you got a letter from the state regarding an increase in market value of your RE than it may have been because your county assessor wasnt valuing the real estate correctly (or refused to increase values) so the state stepped in and did it.


Ol dad

My property tax went up 20% from last year. If it was really our property, there would be no property tax.

Keith

Nailed it.

All taxes are bad but property taxes are the worst, the nicer your place the more you pay. Counter productive to say the least.

Real estate taxes in WI are determined periodically by townships, counties/ taxing muncipalities by contracting firms that assess properties. Most times recent sale values of similar properties to yours our others are used to create an assessed value. The taxing entities then establish budgets be that county, school district, tech college district, township etc. and a mil rate per 1,000 of value is set to collect that amount. Higher values typically mean more taxes but not always. If the taxing entities have small budgets then the mil rates go down. There are areas where values are very low and then mil rates are higher per 1,000. With the recent spike in home sales selling prices many times far greater than asking prices values will be going up and that is during a time period many times when sales are going down. We have several small lakes with properties close to us and those values are soaring, so those with small older cabins many times are taxed out of ownership due to lake frontage assessments. Several smaller places have sold for 250K and the homes removed and larger ones have been built in their place.

Bryce

This is spot on.

However, if you're receiving letter from the state rather than the county regarding an increase to your real estate value, its possible that the state had to step in due to the county assessor not performing his/her duties. There was a case near me where the state threatened to step in and assess values for a county. What happened was the County Assessor was using outdated costing and valuation software and it was undervaluing real estate. The state said you need to update your software. The assessor didn't want to pay the cost to update it. State said do it or we will do it for you along with reassessing all the property in the county, which would have resulted in 50% plus increases. Assessor finally caved and did it. It still caused large increases in taxes. This was circa 2010 when values were plummeting from the recession. However, because the values were held so low for so long, the values still increased. A lot of folks were confused and po'd and voted the assessor out of office. What they didn't realize was they had been getting a tax break for the past 20 years.

ol dad

Property taxes suck, but the reality is that Bidenomics has driven inflation through the roof on everything, not just your groceries. Yes there may be some wasteful spending but you wouldn't believe the inflated cost of the essential services your property tax is paying for. Price out a replacement fire truck, sheriff patrol car, snow plow, or a mile of overlay on a county/township road. Most small local government units have trimmed any available fat before asking for a levy increase. If yours is still funding nature hikes and paddle board yoga classes get down to the board meeting and start demanding answers.

What ever dart hits the board then that what you pay.