If a property sells, can the Assessor change the assessment to the sale price?
The Assessor must review the sale and make the decision in accordance with Wisconsin statutes and Wisconsin case law. Typically, the sale price is strongly considered if the sale is between two unrelated parties, and the property was customarily advertised for sale on the open market. The Assessor must also consider the sale date relative to the assessment date and any modifications that may have occurred to the property before or after the sale. In general, however, a valid sale price is a good indicator of the property’s value.
Related Questions
- How is the propertys "mutually agreed value" determined at the inception of the Square1 Trust™, since there is no sale price per se?
- What factors might cause the assessment to be higher or lower than the sale price of a property?
- If a property sells, can the Assessor change the assessment to the sale price?
