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Assessor's Office
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GENERAL INFORMATION:

The City of Beloit has contracted with Tyler Technologies to serve as City Assessor. Tyler is the nation's oldest and largest mass appraisal firm and has worked for the City of Beloit since 2014. The Assessor Division is responsible for the equitable and efficient administration of the tax base for the City of Beloit. This division provides data, which is the basis of the Geographic Information System, and coordinates enhancements of the database with the Division of Engineering. The assessment staff supports Economic Development with real time estimates as well as property information. Following the annual assessment and budget process, the Assessor Division, in cooperation with the City Treasurer, plans, provides data, and assists with the generation of property tax bills.


 

Why does the Assessor have to inspect my property?

Statutory Requirement: 70.32 Real Estate, how valued.  Real property shall be valued by the assessor in the manner specified in the Wisconsin property assessment manual provided under s. 73.03 (2a) from actual view or from the best information that the assessor can practically obtain.

Wisconsin Property Assessment Manual: Chapter 8 - Page 37.  In performing improvement analysis, the assessor must make a thorough, detailed, and objective inspection of each property, noting relevant characteristics as they relate to physical condition, effective age, and functional utility.

It is essential that the assessor have a detailed description of each property in order to find market comparables, establish a basis for adjustments using the market approach, to accurately estimate replacement cost new and depreciation, and to better defend the final value estimate.

This is best done through the use of the Property Record Card (PRC) (form PA-500) which is prescribed by the Department of Revenue.  The PRC is a valuable tool for the assessor.  Its main use is that of a listing document.

Always verify your assessment annually.

Click [here] for our helpful links.   Click [here] for the Assessor's forms and documents. For an excel version of the 2018 Statement of Personal Property please click {here}.


The Assessment Process

There are 3 steps in the assessment process:

Discovery - The process of finding each parcel. (Discovery is the first step in the assessment process)
The burden of discovering assessable real estate is the job of the Assessor. By using various resources such as maps, transfer returns, building permits, deeds, newspaper and the Internet, the Assessor finds information on each parcel of land. Updating the maps is also one of the Assessor's responsibilities. Every time a parcel of land is split or combined, the Assessor must update the map to reflect this change.

Listing - Collecting data on each parcel (Listing involves collecting data on each piece of property).
Listing is the process most visible to the public. This is where the Assessor collects data on each parcel by physically inspecting the property. Data such as size, quality of construction, condition, basement finishes, topography,  bedrooms, bathrooms, are collected and analyzed. All data is then recorded on a property record card and transferred to a computer database.

If you disagree with your assessed value, call our office and ask us to review your property. At that time we will set up an appointment to view the interior of your property. There could be an error on your property record that corrects the assessed value.

Valuation - Placing a value on each taxable parcel (Sale data is analyzed and applied to all properties)
Valuation is the process of determining the most probable sale price of each parcel. This is a complex process that involves many steps. The first step is to value the land. Second, if there is a building, the building must be valued.

  • Land Valuation
    All land is valued as if it were vacant land. The value of land is ultimately determined by the demand for that land. Where possible, comparable land sales are used to develop values. Many factors are used to determine comparability. Those factors include: location, size, topography, zoning, available services, deed restrictions, and more. Adjustments are made based upon these factors of comparison.

    When there is a shortage of comparable land sales, the Assessor uses a method called abstraction. In this process, the Assessor separates the value of the buildings and land from the total sale price.
  • Building Valuation
    There are three methods for valuing buildings (improvements): 
    1. The cost approach. The cost approach considers the new cost of buildings, less depreciation, plus land value to estimate market value. This method is used most often in appraising newer buildings, or where few similar buildings have sold. 
    2. The sales comparison approach. This approach is the most common method utilized in appraising single-family residences. In this approach market values are estimated by comparing the subject property with similar properties that have sold. 
    3. The income approach. The income approach converts future income from a building (rent) into present worth (value). This method represents the way investors think when they buy and sell income property in the market.


Personal Property Information


For general information purposes, we have listed below the items normally assessed as Real Estate and those normally assesses as Personal Property.  If you have any questions, please call or email us at 364-6670 or  cobcama@beloitwi.gov

Real Estate:

Buildings (other than those on leased land), asphalt and concrete paving, bank vaults, pneumatic tubes, canopies, drive-up windows, auto hoists, fire extinguisher systems, fire alarm systems, loading docks, exterior lighting, underground storage tanks and most fixtures permanently attached to buildings.

Personal Property:

Cash registers, special tools, machinery, fork lifts, office furniture, copiers, printers, fax machines, shelving, fuel dispensers, remote fuel readouts, movable coolers and freezers, vending machines (other than food dispensers), calculators, safe deposit boxes in a bank, bank vault doors, household furniture used in an apartment or rented home, buildings on leased land, leasehold improvements, leased office equipment and other equipment used in the production of income.

Special instructions for Schedule H:

If you rent or lease commercial space for your business please complete Schedule H in its entirety. Reporting leases is a requirement under Wisconsin Statute 70.35.


2017 Average Assessed Value of a Residential home was $77,200

2017 Sales Stats:


Residential Homes sales: 472

Average Sale Price: $92,900

Range of Sales: $10,500 - $384,000
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2018 Notices of Assessment will be mailed April 9th, 2018 

  • Open Book will be held April 16th - 27th, 2018 from 9:00 a.m. - 4:00 p.m. 2nd Floor of City Hall, Assessors Office. 

  • 2018 Site Address Listing
  • Board of Review will be in the City Hall Forum, May 18th, 2018 at 10:00 a.m.
  • You may call the Assessor’s office after you receive your notice of assessment (608) 364-6670
  • You may use our fill-in form and email a request to cobcama@beloitwi.gov to have your property reviewed – click here for the form.
  • Most residential properties will not see a change in value for 2018.
  • Commercial property owners are encouraged to make an appointment with the Assessor.
  • Please call or email if you would like to speak in person to a member of the assessment staff.
  • Not receiving a notice does not prevent you from objecting to your assessment.
  • Always verify your assessment annually.
 
Assessor's Calendar
February 2018
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