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Consideration of approval of statutorily required 2025 Property Tax refunds
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Submitted by:
Derik Summerfield
Department:
Finance Department
A. Issue
After the assessment roll and property tax roll were finalized for the 2025 tax year, the City was made aware of two assessed value changes that will result in property tax refunds as required by state statute 70.511 and 74.33
B. Background/Options
After the assessment roll and property tax roll were finalized for the 2025 tax year, the City was made aware of two assessed value changes that will result in property tax refunds.
In the first case, the City received notice from the Wisconsin Department of Revenue with a finding that a property's value should be changed to $501,100 from $593,900, a reduction in value of $92,800. Under Wisconsin statute 70.511, the taxpayer must pay their taxes and then the municipality must refund the difference in calculated taxes based on the $92,800 value difference. Additionally, the municipality must pay interest from the date of when the claim was filed and when the refund is issued, using an interest rate based on the auction of the six-month treasury bill prior to the claim date. Property owner filed claim on December 17, 2025. Calculation of the refund is attached.
In the second case, the City was made aware by a property owner of a value change from the Open Book period was not updated on the property tax bill. It was determined by the Assessor's Office that the agreed upon value change between the City and property owner was not recorded in the assessor software and therefore did not get reflected on the tax bill. This technical error is covered under Wisconsin statue 74.33 and requires the municipality to refund the portion of the taxes based on the value difference of $82,000. Calculation of the refund is attached.
C. Strategic Plan (Area of Focus)
NA
D. Fiscal Impact
The amount involved requires an expenditure of $3,118.26 but approximately 70% w...
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