Just finished a rehab project. Took me around 3 months but it's finally done.
County assessed value before the rehab was $99.300 and that's for 2016. I put around 30k into the project. Changed the roof, some plumbing, electric, replaced the water heaters, furnace, new carpet and flooring , new paint , new appliances, new bathrooms..
My question is how do I get the new market value of the property after finalizing the project.
I'm gonna hire a personal appraiser do get an idea of how much the property it's worth now after the rehab...but I wonder how the county assessor gets the new value of the property in their books for this year 2017.
Do I have to call them ??? or what's the procedure???
Thank you all in advance!
In most counties in WI you can ask for an appeal on the tax assessment and present your information to get it adjusted. Normally people use this procedure to reduce the assessment. Your projected value based on the independent assessor will have to be in line with local comps that have sold recently. Usually 3 or 4 is enough to establish proof.
But since you live out of state, I would definitely see what you can get accomplished via phone. Just curious, what county are your properties in?
The assessor will adjust the "assessed" value based on the improvements that were completed during your rehab. When you pulled your necessary building or trade's permits at the start, they usually ask for an estimated cost of your project. The assessor and building department make a determination based on the project scope.
When you call for final inspection, you may be able to make an appointment with the assessor at that time.
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