Values are in line with current market, assessor says

 

By Dave Fidlin

Correspondent

While there was sticker shock in some of the revised figures, the contracted assessor who recently completed the Village of Waterford’s revaluation said the process went off this year without a hitch.

Dan McHugh, who heads Affiliated Property Valuation Services LLC, was given a $25,000 contract this year to conduct a villagewide revaluation. The last time Waterford cast its net this wide was in 2015.

On average, property owners’ assessments jumped 30%, McHugh said, as he reported on the process at a Village Board meeting Sept. 13.

“The last couple of years, obviously, have seen some pretty extraordinary changes in value with the real estate,” McHugh said. “That led to some pretty significant increases in the assessments.”

With the housing market red hot this past year, village officials expressed interest in having a revaluation this year to get back to acceptable ranges under state statute.

Prior to conducting the revaluation, McHugh said Waterford’s assessment level was 79.97%. Wisconsin’s law books require municipalities have assessment levels at 90% to 110% of actual property valuations.

There were objections raised at the completion of this year’s revaluation. McHugh said he responded to 360 open book reviews from property owners.

“They didn’t disagree with our value, because they knew they could sell their house for that amount in one year,” McHugh said. “They just felt it was too much in one year.”

When revaluations take place in longer strands of time, McHugh said property owners can be hit with drastic price adjustments instantaneously. A gradual, phased-in adjustment, he said, is not possible under such a scenario.

“Unfortunately, that’s not the law,” McHugh said.

In the road ahead, McHugh said he encourages the village to conduct more routine revaluations.

“We’ve got to learn from the past and go forward,” he said. “I think the village is on the right track, scheduling revaluations sooner, rather than later.”

For more Waterford news see the Sept. 24 edition of the Waterford Post.