The valuation and assessment of property is the responsibility of the Assessor’s Office. The City of Monona contracts with a private firm, Accurate Appraisal, LLC., to perform the statutory duties of appraising all newly-constructed buildings and major remodeling of real property.
Each year, Accurate Appraisal reassesses properties which have been issued building permits in the past year, along with 1/4 to 1/3 of the remaining properties in the City. Accurate Appraisal personnel drive vehicles marked with their logo, carry identification, and carry a letter from the City Clerk verifying their identity and role as assessor for the City.
In mid-April, all property owners receive a letter (via U.S. mail) informing them of their current assessment, even if the assessment has not changed from the previous year. Beginning in mid-April, the assessment roll for the entire city is available for review at City Hall. Property owners are then given the opportunity to contest their property’s assessment through a formal process which begins with Open Book. Open Book is an opportunity to meet face-to-face with an assessor and explain why you think your property’s assessment is too low or too high. This is a more informal process, and many discrepancies are resolved this way. Property owners who are still dissatisfied with the results after Open Book may then make an appeal to the Board of Review. The process of property assessment appeals is legislated by State Statute. A guide for property owners regarding this process can be found on the Wisconsin Department of Revenue's website.
Dark Store Tax Loophole
The "Dark Store" theory is being used by big box retailers to argue that the value of their properties for assessment purposes should be based on the value of vacant stores in abandoned locations. In doing so, these retailers have been successfully reducing their property taxes and shifting the tax burden to small businesses and residential property owners. View the video (right) to learn more about this tax loophole.