The City of Middleton is doing a market assessment revaluation, so residents should receive a notice in their mailbox of their new assessed valuation this week. The new assessed value should represent the value that your property could be sold for on the open market.
This market update revaluation has resulted in an overall increase of 26% in the total assessed value of real estate in the City of Middleton. It is important to understand that no additional tax revenue will be generated or collected as a result of the revaluation.
This means you will not automatically pay more in property taxes purely due to a higher assessment. The differences in taxes paid by property owners are the result of assessments that changed more or less than the average increase City-wide. The average assessment increase in the City is 26%. If your assessment increase is similar to the “average”, you can expect to pay about the same amount towards property taxes as you did the previous year, provided the various taxing jurisdictions maintain their respective tax levies at existing amounts.
Please review the video link where our City Finance Director/Assistant City Administrator Bill Burns explains the market assessment at the City Council meeting on Tuesday night: https://www.youtube.com/watch?v=xUp94BKNR8A
Please also review the attached document by City Assessor Associated Appraisal below.