December 10, 2018
To: Municipal Clerks and Treasurers, County Clerks, Real Property Listers and Treasurers, Primary and Public Assessors
This is a reminder from the Wisconsin Department of Revenue (DOR), under state law (sec. 74.09, Wis. Stats.), municipalities are required to show the estimated fair market value on property tax bills for all classifications except agricultural land, as defined in sec. 70.32 (2)(c)1g., Wis. Stats. Estimated fair market value is the property's assessed value divided by the municipality's average assessment ratio. If a parcel consists of multiple classifications, the total estimated fair market value would be displayed, excluding agricultural land, as defined in sec. 70.32 (2)(c)1g., Wis. Stats.
Note: Class 5 – undeveloped and 5m – agricultural are assessed at 50 percent of full value. Municipalities may calculate the total estimated fair market value by doubling the 50 percent assessed value, then dividing it by the municipality's average assessment ratio.
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