Board of Review

2023 Market Analysis

In 2023, the City of Shawano completed a city-wide Market Rate Analysis. This revaluation was necessary due to the City of Shawano having fallen out of compliance with the state's assessed value/equalized value ratio. The State of Wisconsin provides the equalized value for the city of Shawano. In 2022, they raised the city's value from $592 million to $718 million, however our assessed value stayed at $598 million. This in turn took our ratio of assessed ($598 million) to equalized ($718 million) to 83%. State law require cities to be between 95-105% of equalized value, so we were required to complete a revaluation this year. The primary driver of the city's assessment values going up is the market value increase. Houses are selling for significantly higher in Shawano than they were previously and that is driving the increase for both equalized and assessed values. 

Please note, that this does not mean the resident's taxes will automatically increase due to this increased assessment, they may, but it isn't guaranteed.  The new assessment level creates a larger pool of money and redistributes values between residential and commercial. For instance, last year the mill rate, with all taxing entities combined, was $23.39 (breakdown below) per thousand, so a $100,000 home would have been taxed at $2,339. If the same costs were carried forward into 2024 (meaning the City has no operational increases) the mill rate would be $18.39 and a $100,000 home would be taxed at $1,839. We can't necessarily do this comparison apples to apples, as the properties now have a higher value, but the point is, a higher assessment doesn’t necessarily mean higher taxes. The true impact of the change in tax rate won't be known until all of the taxing entities go through the budget process. 

There are 4 taxing entities that combined make up a City of Shawano resident's tax rate - City of Shawano, Shawano County, Shawano School District, and NWTC.  As stated earlier, last year's tax rate for the City of Shawano was $23.39, which is broken down as follows: City of Shawano: $10.67; Shawano County: $5.17; Shawano School District: $8.24; NWTC: $0.79. When combined with the school tax credit of -$1.48, you can calculate the net levy amount. The City of Shawano Common Council can only control what our portion of the tax bill represents. 

We would also like to dispel any misinformation regarding the new SMU building being a driver for this increase in assessment amounts.  Shawano Municipal Utilities operates on a separate budget from the City of Shawano.  Their budget is funded by their rate payers, which is a further reach than city limits.  The development of their new facility is not part of the city's budget process and therefore does not affect the city tax levy.  

Please be sure you have taken the time to fully read the letter that was sent to you along with your Notice of Changed Assessment.  If you have any further question about your assessment, please feel free to contact Associated Appraisal at 920-749-1995.  Additionally, Open Book information can be found below if needed.