Sale prices are going down in my neighborhood, why hasn’t my assessment gone down?

Sale prices going down in the neighborhood will not be reflected  immediately in your assessment.  The State allows for a two year sales study and an optional one year sales study.  In inflationary times, a two year study helps the taxpayer because sales used are older and  therefore lower in value.  In deflationary times, a one year sales study helps the taxpayer because it reflects the more recent sales.

The City of Portage has used one year sales studies for 2010, 2011, 2012 and 2013.  The City used two year sales studies for 2014, 2015, 2016, 2017, 2018, 2019 & 2020.

Show All Answers

1. What is the time period considered in the 2021 sales study?
2. What is the time period considered in the 2020 sales study?
3. How is your property value estimated?
4. What causes property values to change?
5. What is a State Equalized Value?
6. What is Capped Value?
7. What is Taxable Value?
8. Why isn’t my new assessment 50% of my purchase price?
9. Sale prices are going down in my neighborhood, why hasn’t my assessment gone down?
10. What is the time period considered in the 2020 sales study?
11. How do I qualify for the homestead or PRE exemption?