A revaluation is a complete and thorough review of all property assessed values. During a Village of Plover revaluation all assessed values are examined and adjustments are made where necessary to guarantee that all property is assessed at market value. This is done to assure that taxes are distributed equitably and uniformly.
The last revaluation for the Village of Plover was completed as of January 1, 2005. The village reevaluates for several reasons:
- The Wisconsin Department of Revenue compares our current assessments to current sales (expressed as a ratio) in order to monitor if we are in compliance. If the village-wide ratio falls out of compliance (less than 90% or over 110% of fair market value), a Revaluation is necessary.
- In equities may exist within a specific class of property. The market values of different types of property may change at different rates. In addition, within a class such as residential property, there may be market value differences in competing neighborhoods.
- Inequities may also exist between classes of property. The values for residential and commercial properties may change at different rates.