Superior Property Values Spike Following City-Wide Assessment

Superior residents are learning their property values have soared following the first city-wide assessment since 2005.

Residents say they recently started receiving letters from the city showing property value increases, many of them over 50%. According to a Northern News Now report, the new property values have many concerned over potential tax increases in the future.

City officials say that large tax increase residents are worried about will not follow the assessment because nearly every property in the city saw a spike in value. They did not rule out a small tax increase with the new assessed values.

Superior Mayor Jim Paine cited the recent housing market boom as the reason the city was required by law to do the new assessment. According to him, the market rate had remained fairly consistent since the 2005 assessment, so there was no need to conduct a new one. Now that the housing market is skyrocketing however, the 2005 assessment no longer fell inside the 10% levy under Wisconsin state law.

Following the new assessment, most Superior homeowners will see a property value increase of about 60%. While that number may catch some residents off-guard, some in the real estate field say the assessment is not out of the ordinary and may still be lower than the actual market value of the property.

Residents who feel there was an issue with their assessment can call the city to appeal the property value. They can also reach out to their realtor if they have any questions about what the new property value assessments mean for their home.