Wis. Admin. Code § Tax 12.073 — Estimated fair market value on real and personal property tax bills

Tax 12.073(1) (1) Definitions. For purposes of administering s. 74.09 , Stats., the following terms are defined:

Tax 12.073(1)(a) (a) “Assessment ratio” means the decimal fraction rounded to the nearest ten thousandth obtained when the assessed value of all taxable nonmanufacturing property as taken from the clerk’s statement of assessment filed with the department is divided by the value of all taxable nonmanufacturing property in the taxation district as determined by the department of revenue prior to adjustments under s. 70.57 , Stats.

Tax 12.073(1)(b) (b) “Estimated fair market value of real property” means the result rounded to the nearest $100 obtained when the total assessed value of a parcel of real property, including forest crop lands assessed per s. 77.04 , Stats., and managed forest croplands assessed under s. 77.84 , Stats., as shown on the tax bill is divided by the assessment ratio furnished to the clerk by the department of revenue.

Tax 12.073(1)(c) (c) “Estimated fair market value of personal property” means the result rounded to the nearest $10 obtained when the total assessed value of the personal property as shown on the tax bill is divided by the assessment ratio furnished to the clerk by the department of revenue.

Tax 12.073(1)(d) (d) “Taxation district” means any whole or portion of a municipality lying within a county.

Tax 12.073(2) (2) Requirements.

Tax 12.073(2)(a) (a) The department of revenue shall furnish the assessment ratio to every taxation district clerk on the department’s final statement of assessment for the taxation district.

Tax 12.073(2)(b) (b) The clerk of the taxation district shall use the assessment ratio furnished by the department to calculate the estimated fair market value shown on the tax bills. The prescribed statements provided by the department are not intended to restrict taxpayers from appealing their assessment if the estimated fair market value exceeds the assessment by less than 10%.