Property Valuation

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

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.