Residential Property Valuation
Residential property is assessed as it existed on January 1st. For valuation, the assessor estimates the fair market value of the property. This is done by performing a physical inspection of the property, analyzing sales data, and making any necessary market adjustments. Some of the characteristics that determine the value of a residential structure are: location, style, age, square footage, and grade of materials used.
Land values are performed separately from the improvement. Size, shape, topography, and water frontage are a few items considered in determining the value of the land.
Commercial Property Valuation
The City of Middleton is conducting a City-wide revaluation for the 2022 assessment year.
Wisconsin law requires that the Assessor consider all real estate valuation methods. One of the methods that we utilize in determining the fair market value for commercial properties is the income approach. To achieve accurate and fair values, it is imperative that we compile market rental and expense information for commercial properties within the municipality.
Please take a few moments to complete the income and expense form below as it pertains to your property. Alternatively, you may provide rent rolls and internal operating statements in lieu of completing the requested form, but please take the time to ensure those reports provide all the information requested. You can email the completed form or internal reports to firstname.lastname@example.org.
We request that you complete and return the form to us by Friday, April 29, 2022.
Income and Expense Form
Pursuant to Wisconsin Statutes, the information you supply on this form is CONFIDENTIAL and is not available for public inspection or open records requests. In addition, it is important to note that failure to supply this information may result in loss of your right to contest your assessment at the Board of Review. This form is for income and expenses attributed to the real estate only. Please do not include any business income and expenses, as they do not apply to the real estate value.
Commercial properties include those in which the primary use is the selling of merchandise or service. In addition, apartment homes with greater than three units and office buildings are considered commercial property. For vacant parcels, this classification may apply if its highest and best use is considered commercial. Commercial properties are also assessed as they existed on January 1st. Properties that are defined as "manufacturing" are not assessed at the local level, but rather by the Wisconsin Department of Revenue.
When valuing commercial property, factors taken into consideration are location and analysis of comparable sales. Incomes and expenses and the costs of construction may also be examined. In any case, the goal is to determine the property’s estimated market value.
Business Personal Property
Personal property includes all property that is not considered real property, and not listed as exempt under Wisconsin Statute 70.111. Personal property is assessed as of the January 1st assessment date. Every person, firm or corporation operating a business in the City of Middleton should file a Statement of Personal Property (PA-003) with the local assessor each year on or before March 1. This form contains schedules of various types of personal property, and the assessor determines an assessment based on the reported value. A “doomage” (estimate) assessment is assigned if a Statement of Personal Property is not received at the Assessor’s Office.
New business owners who do not have an existing account may contact the Assessor’s Office to establish a new account. Another option is to complete a Statement of Personal Property and submit it to the local assessor by the March 1st deadline.
Agricultural Property Valuation
The Budget Act of 1995 - 1997 changed the standard for assessing farmland in Wisconsin in order to protect Wisconsin’s farm economy and to keep urban sprawl in check. The city assessor assigns a value on farmland based on its “use value” rather than market value. This means that the use of agricultural land is the most important factor in determining its assessment classification. Land qualifying for use-value assessment must be devoted primarily to agricultural use. However, neither a residence nor agricultural buildings on the farm property qualify for “use value” assessment. More information on this subject can be found in Wisconsin Department of Revenue’s Agricultural Assessment Guide.