Residential Property

The following chart shows the assessed value as assigned by the city and the equalized value assigned by the Department of Revenue (DOR). In 2005 the property received an assessed value from the City Assessor of $162,800 and DOR assigned the city an assessment ratio of 1.042 which meant this home had an equalized value of $156,238. The city only reassesses when the assessment ratio moves below .8 and so the city assessed value remained at $162,800 from 2005 to 2010. The city reassessed in 2010 and resulted in a change from $162,800 to $164,000 or an increase on $1,200 over the six (6) year period.
The newspaper article discusses equalized values, not assessed values. The chart shows that the equalized value for this home increased from $156,238 in 2005 to 191,709 in 2008 and then decreased to $167,091 in 2011. The change in value of this home dropped 12.8 percent from 2008 to 2011. Most homes in Lake Mills experienced similar value decreases over the same period.