By Shereen Siewert | Wausau Pilot and Review
Residents in Wausau already shocked by high water and sewer bills are bracing for yet another shock to their wallets after city officials on Monday announced property values would increase as much as 50 percent.
“The city assessor has completed revaluations of the city commercial and residential properties, and the report was waiting on my desk,” said Doug Diny, newly elected
mayor of Wausau. “Residential properties will be up 50%+, on average, and commercial properties up around 20%,”
Diny, in a news release, pledged to ensure that the revaluations will not impact property taxes. But the city will face an uphill battle to meet that pledge, lowering its mill rate. The revaluation was done prior to the election and has only since been disclosed.
This is a developing story that will be updated.
The State of Wisconsin requires municipalities to periodically revalue their assessments and bring them in line with market values, which are calculated by the state based on property sales. Wausau fell below the State assessment ratio compliance range for the last two years, triggering the revaluation, Diny said.
