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Removal of Prior Year Compensation – removes value applied to the prior year's Equalized Value to compensate for over or under-valuation in the second prior year
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Amount of Economic Change
- Includes changes due to market conditions, based on analysis of the prior year's sales
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Note: According to the use-value assessment law, the reported value of agricultural land included in the Equalized Value reflects the land's use-value, not the current market value. Undeveloped and Agricultural Forest classes are valued at 50 percent of market value.
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Amount of New Construction
- Land value changes are due to higher land utility
- Improvement value changes are due to construction of new buildings
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70.57 Correction and Compensation
Includes:
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Current Year Correction – corrects the prior year's over or under-valuation in the current year Equalized Value and carries forward into future years
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Current Year Compensation – one-time adjustment to compensate the municipality for any over or under-valuation of the prior year's Equalized Value; the adjustment is removed the following year
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Amount of All Other Changes
Can include the following changes:
- Wisconsin Department of Revenue's market field studies
- Demolition or destruction of buildings or other improvements
- Changes in property's exempt status
- Changes in classification of property
- Annexation gains or losses
- Other miscellaneous changes
If you have questions, contact the
Equalization Bureau District Office in your area.