Sun Prairie has completed its 2008 property assessment and city residents won't notice much of a difference.
"Because 2008 is not a revaluation year, most property owners won't see a change," said city assessor Jim Young. "Most of the changes in 2008 are the result of ongoing land development, new construction or other permitted changes."
Information on changing values will be mailed April 8. The next scheduled revaluation will take place in 2009.
Market leveling off
"Market conditions have changed since before the last revaluation in 2006," said Young. "Instead of a steady rise in sales prices, the market has flattened considerably in Sun Prairie.
"Although many properties are still selling for more than the current assessments established in 2006, we are seeing many more properties starting to sell for less," said Young.
The 2006 revaluation has provided equitable assessments for the period leading to the 2009 revaluation, he added.
"Because this is not a revaluation year, we cannot make changes based on recent sales until the 2009 revaluation, unless a record correction is warranted," said Young. "A review of the sales that take place between January of 2006 and January of 2009 will be used to establish the assessment valuation models for the 2009 revaluation."
A look at the books
The annual open book session will be held April 14-25. Property owners can schedule appointments at City Hall to talk with assessor staff and review assessments.
A limited number of early evening appointments will also be available on April 17 and 23, from 4:30-6:30 p.m.
The initial 2008 Board of Review meeting is scheduled for May 27 at 4:30 p.m. in City Hall. Property owners who choose to appeal their 2008 assessments must file a notice of objection with the city clerk by 4:30 p.m. May 22.
A few more facts
Young provided these additional details on Sun Prairie property.
- The average sale price for residential properties that sold in 2007 was $216,500, compared to $214,000 in 2006.
- The total valid residential sales that took place in 2007 was 523 versus 591 in 2006.
- There was an increase of approximately $107,330,000 on the 2008 roll due to ongoing land development, new construction and other permitted changes.
- The initial total assessment for all property in 2008 is $2,471,521,800 compared with $2,365,874,800 in 2007.
- The total number of assessable parcels in the city increased from 10,613 in 2007 to 10,746 in 2008.
