Property Taxes Could Go Up Despite Lower Mill Rate

Despite a proposed mill rate decrease, Platteville residents still could see a jump in their city property taxes next year as a result of considerable increases in property values. Under a drafted 2023 budget proposal, the city’s mill rate would decrease an estimated 12.5%, from $8.27 per $1,000 in assessed property value in 2022 to $7.24 per $1,000 in 2023, which would be the lowest city mill rate in 10 years. However, in a report, Platteville City Manager Adam Ruechel says residents still might see an increase in property taxes depending on the results of a recent property reassessment that saw property values increase by an average of 20% across the community. Due to inflation and rising home costs, tax bills can still increase when a home is worth more than it was previously. The increased tax helps cover cost increases for certain city services that are also affected by inflation. The Platteville Common Council is expected to vote on whether to approve the budget following a public hearing at their meeting on Tuesday.