In Wisconsin, how is the equalized value of a property determined?

The equalized value of a property in Wisconsin is determined by comparing assessments to known market values and making adjustments as necessary. This process ensures that property assessments across different jurisdictions are consistent and reflect fair market value.

The state uses a systematic approach, often involving statistical analysis of recent property sales, to evaluate how current assessments align with actual market conditions. When discrepancies are identified, equalization factors are applied to adjust values so that they more accurately reflect the current market. This process helps maintain equity among taxpayers and ensures that properties are taxed fairly based on their true market value.

Other methods, such as appraisals by individual appraisers or consultations with local real estate agencies, do not provide the same level of systematic adjustment and statewide consistency required for equalized values. Additionally, relying solely on a property owner's self-assessment would not yield a reliable measure of market value, as it could be subjective and inconsistent across different properties.