All property owners in the Town of Eagle Point received a letter from the town’s assessor regarding the upcoming re-assessment of real estate in the town.
Re-assessments are necessary periodically to ensure the property value used for tax assessments is accurate and equitable. As stated in the assessor’s letter, the State of Wisconsin requires that all property be valued at 100% of market value and assessments be kept within 10% of that value. A re-assessment does not generate more tax revenue for the Town of Eagle Point, Chippewa County, or the school districts. The amount of tax the town can collect each year is restricted by State statutes. The re-assessment may result in a higher or lower value for properties, and, as a result, could impact the amount of tax for each taxpayer. In a perfect world, if all property values increased by the same percentage, no one would experience a change in their property tax. Property values that incur a higher-than-average percentage of property value increase will experience an increase in taxes, and those with a less than average increase (or a decrease) will experience a reduction in their property taxes. Re-assessments are completed to ensure all property owners are assessed their fair share of the annual tax, based on an accurate valuation of their property.