reader question

July 22, 2008
Reader Question:
If a lakefront home built in Gordon WI on Crystal lake in 2000 was assessed at $395,000 would it seem odd to you that 8 years latter it was assessed at only $485,000? In 2007 it recieved a new 22X32 Garage- sauna- and electric heated three season porch that faced a great view of Crystal Lake. The cost of this new construction with all cedar outside & white cedar inside as well as cedar siding on a detachted 2 car garage to match house and new building was $74,000. It would seem to me that our appraiser thinks this house has appreciated only .125% over 8 years. My sister is looking at buying this property, and I would like to sell. Does this sound like I may need another opionion from you or someone else?

First Weber answers:
It sounds like the assessor may have increased your assessment only by the amount of the improvements you made to the property in 2007.  If other properties in your township have not been reassessed, the assessor would not change your value other than to increase it by the amount stated on your building permit.  
The assessed value on your tax bill is just an estimate used by the assessor to allocated taxes.  This value can be higher or lower than actual market value.  To find out what the current market value is you would want a local realtor to do a market analysis or get an appraisal. The market analysis or appraisal will use recent sales to determine the current value of your property.
Sandy Ebben
Vice President
First Weber Group
If you have a real estate question, please submit it and we will do our best to provide an answer.

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