The assessment is one-third of the information used to calculate your tax bill. The other two-thirds are the Tax-Rate and the Tax Levy.
Your Assessment and the overall Tax-Rate move together like they are on a teeter-totter, staying in balance in order to equal the total amount of taxes your elected officials voted to spend (Tax Levy).
If the Levy stays the same and all Assessments go up, the Tax-Rate will GO DOWN to compensate.
If the Levy stays the same and all Assessments go down, the Tax-Rate will GO UP to compensate.
If they vote to increase the Total Tax Levy, everybody’s taxes go up to compensate.
In a Revaluation, if your assessment changes about the same percentage as everybody else, your taxes should not change any more than they did the year before, as long as spending has not gone up dramatically.
There are 6 taxing authorities that approve a budget each year that together become the Tax Levy:
Common Council, School Board, MATC Board, MMSD Board, County Board & State Legislature
Over time, just as the price of gas, groceries, electricity and insurance goes up, so do the costs of picking up trash, educating our kids, cleaning our water and running our jails.