Tag Archives: assessments

Story Hill assessments down 5%

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The average assessment for a single-family home in Story Hill was down 5% this year, according to City Assessment Commissioner Mary Reavey.

“For 2008 there were four sales in the neighborhood,” Reavey wrote in an email.  “Sales transactions were down city wide and the Story Hill area is not an exception to this. The neighborhood is not negatively impacted by foreclosures.  There are no open filings and there was only one foreclosure during 2008.”

The neighborhood, for assessment purposes, includes 252 properties.

The decline in values does not mean property taxes in the neighborhood will go down. The average assessment citywide dropped 7.2% citywide, meaning Story Hill’s property values, as a proportion of the entire city’s, actually grew. Properties of higher relative value bear a larger share of the property tax burden.

The city’s assessment write-up for the neighborhood is below.

2009-sh-assessments

50% of sales 50% or more under assessment

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Thirty of 59 Milwaukee property sales published in yesterday’s Journal Sentinel were for less than 50% of assessment.

Now, that’s scary.

(There were actually 60 sales published, but one address had two properties associated with it, and I couldn’t figure out whether both properties were included or just one, so I tossed it.)

The geography of the crash in values is depressing. Here are two snapshots of central milwaukee. The one on the left shows the sales for more than 50% of assessment; the one on the right shows the sales for less than 50% of assessment.

values-1_11_09

Here are a couple links to Google maps I put together. The first shows sales for less than 50% of assessment. Note that there are exactly three south of I-94. Then take a look at the other map, which shows sales for more than 50% of assessment. What a difference!

Less than 50%

More than 50%

You may have to zoom in on the maps to actually see Milwaukee.