Most Milwaukee property owners received their property assessments with yesterday’s mail. And most of them will see decreases in their assessed valuations (me included). Over all the valuations dropped 8.9% or with residential declines of nearly $2.3 billion. From the April 27, 2012, Milwaukee Journal Sentinel:
Citywide, assessed residential values fell nearly $2.3 billion, to less than $14.8 billion, from Jan. 1, 2011, to Jan. 1, 2012, city Assessment Commissioner Mary Reavey reported. Assessed commercial values held up better, dipping less than 1%, to just under $9.1 billion. Those figures don’t include manufacturing properties, which are assessed separately by the state
This may create a real budgeting crisis in the greater Milwaukee area next fall as bills passed in Madison during 2011 put extreme limits on how much local government taxing authorities can raise property taxes. Based on these 2012 property assessments, local property tax revenues will be down significantly and it will be ever more difficult to maintain the current level of city and county services. It’s going to take determined and creative local reps to keep the joint running!