Average Property Value In Platteville Jumps 14.7% In 2 Years

The city of Platteville has conducted an assessment of property values after market values saw large jumps statewide, sparking some concern from residents about their property taxes. Preliminary assessment figures showed average property value increases in Platteville of 14.7% for residential units and 48.5% for commercial units since the last update two years ago. City Administration Director Nicola Maurer said the revaluation was needed so the city’s assessed values could keep up with a jump in market values seen locally and statewide. Wisconsin law requires assessments to be within 10% of market value, as determined by the state Department of Revenue, at least once in a five-year period. According to Wisconsin Realtors Association, the average Wisconsin home price has increased 65% since 2020. Maurer said she expects residents’ total property tax bills, of which city taxes are one component, to increase for the coming fiscal year due to the city’s financial situation. A 2025 budget will be adopted in November.