The Mill Rate calculation helps show how your assessment affects the tax you pay. An increase in your value doesn’t necessarily mean an increase in your taxes. When all values increase the mill rate decreases. There are 3 different Mill Rates in Fontana, this example is not an exact rate for all of Fontana, however it shows the effect on value and taxes.
Why is property being revalued in Fontana?
The reason for revaluation is to ensure fairness and equity. It has been 7 years since the last revaluation. Since then market values have changed and no longer reflect fair market value. The State of Wisconsin requires all property to be within 10% of fair market value. When assessed values are no longer in line with market value a revaluation of property is required.
Does the village collect more tax revenue because of the revaluation?
No. The village does not collect more in tax just because values are changed. Your property’s value may increase or decrease depending on style, location, year built, etc. When property is revalued it ensures fairness and equity among all property types.
How can my assessment change when I haven’t made changes to my property?
Economic conditions, such as recent home sales in your neighborhood, sales of reasonable comparable buildings, and market conditions will influence the value of your real estate.
If you have further questions regarding the 2021 revaluation, please email the assessor’s office: firstname.lastname@example.org or call 1-800-770-3927.