Town of Merrimac

 

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Equalized Values

Taxes are determined by distributing taxes levied equally per thousand dollars of a home's estimated value as it is compared to other properties in the town.  The Town's evaluation was completed in 2013.

 

Each year, the Department of Revenue (DOR) calculates an estimated value of the town based on the prior year's home sales.  State, County, School District and Technical College each levy a tax that is distributed based on the DOR's current year calculation.  The Town then redistributes those levies based on the values as determined at the last valuation of the town.

 

Why hasn't the town revalued from 2007 until 2013.

Revaluations are very expensive and are equivalent to nearly 20% of the Town's tax levy.  The town is required to do a revaluation only when the town's value is either over or under 10% for three consecutive years.  Revaluations are necessary from time to time to make sure that not only all properties are assessed equally, but to make certain they are assessed properly by property class.  When property values are going up, no one seems to mind; but when the values go down, property owners pay more attention to these values.

 

Will my taxes increase or decrease after a revaluation?

No. If the total levy remains the same, there will be no change in the amount of property tax you pay.  During a revaluation, classes of property may be readjusted more or less than others depending upon recent market conditions.  Those properties who may not be presently paying their fair share of the tax burden will pay more taxes after a revaluation. Properties presently paying more than their fair share will pay less.  In general, however, most people will see similar tax bills.

 

Will the mill (tax) rate remain the same per $1,000 of assessed value after revaluation?

Not necessarily. If the assessed values established by a revaluation are greater than they were before and the tax levy is the same, then the tax rate will be less. For example, if the tax levy remains unchanged and the total assessed value of the taxation district is doubled, the tax rate will be cut in half.  When values go down, the mill rate increases.  The mill rate is determined by dividing the total assessment of a district into the levy.  It is often expressed in terms of dollars per thousand.

 

Who Levies the general property tax?

Each governing body of the town, county, school district, technical college, and state levies the total amount of tax to be raised. However, it is the town that prepares the tax bill and collects the initial tax payment.

 

How is the levy determined?

Each year each governing body of the town, county and school district adopts a budget for the following year. To finance the expenditures in the budget they total all expected sources of revenue such as state aids and shared taxes, license fees, tuition, etc.  This amount is then subtracted from the estimated expenditure figure and the remainder must be raised from the property tax.   Each municipality must raise the funds needed to operate its own functions in addition to its share of the funds needed for the county and school district operations along with the state forestation tax. The total amount of the levy must be divided by the total assessed value of the municipality to establish the mill rates.

 

Town of Merrimac

P.O. Box 115

Merrimac, WI  53561

(608) 493-2588