The City of River Falls will be performing a market revaluation in 2021.

The city last performed a revaluation of all property in 2015. Since then the market has changed and assessed values are no longer reflective of the current market. The city's assessment firm, Accurate Appraisal, will be doing the revaluation. Information about the process will be posted on the city's website and also on Facebook.

The city has issued answers to common questions about the market revaluation.

What is a Revaluation?

A revaluation is where the assessor reviews all property within the City and modifies each to its current market value. A periodic revaluation ensures equity amongst all property types while bringing assessed property values in line with market rates as required by State law.

Why is a revaluation being conducted?

The revaluation is being conducted to bring all property types to current market rate and to comply with the valuation requirements of State law (sec 70.05(5)(b), Wis. Stats.)

Did Covid affect my value?

All market conditions, including Covid are taken into account when determining the value of your property.

When will this new assessment go into

effect?

The property tax bill you receive in December 2021 will be based on the new assessment value of your property.

Does the City get more tax revenue from a revaluation?

No, there are no additional revenues collected when property is revalued. A revaluation ensures that all proper- ty owners pay their fair share of taxes and the municipality complies with state law. Your tax burden may increase or decrease depending on your property’s style, location, year built, etc.

How can my assessment change when I haven't made changes to my property?

Economic conditions such as recent home sales in your neighborhood, sales of reasonable comparable buildings, and market conditions will influence the value of your real estate.

Will the assessor visit my property?

Assessors will only need to visit properties with completed permits or sales that they need to review, etc. Not all property will be visited in this revaluation. The assessor will use market data available from recent sales and property data already on file to determine your new value.