Associated Appraisal Consultants, Inc. will soon begin a full municipal revaluation in the Village of Waterford. The revaluation program is a complete and thorough interior and exterior review of all properties to ensure that they are assessed at 100% market value in a uniform and equitable fashion. The last revaluation with comprehensive reviews of all properties was conducted prior to 1989. Since this time, the Village has completed three interim market updates to maintain compliance with Wisconsin Department of Revenue (DOR) requirements.
The DOR suggests a full revaluation with interior inspections be completed every 5 to 10 years, depending on market activity. Revaluations are completed for three main reasons:
• To revalue all properties to be within 10% of market value as required by Wis. Stat. Sec. 70.05.
• To ensure all properties are assessed consistently between classes and within a class of the major property types. All home owners want to be treated equitably with other home owners. Commercial and agricultural properties must be assessed fairly as well.
• To ensure that all assessment data is collected. This data includes a digital sketch, a photo of the property and the various attributes such as age, size, bathroom count, basement finish, condition, quality of construction etc. and appropriate data for attachments and out buildings. This data is collected through a field inspection, which is a physical inspection of the exterior and interior of each property.
In the Village of Waterford, most properties have not had an interior inspection for over 26 years.