70.32 Real estate, how valued.

363 words·~2 min read·/wi/chapter-70/70-32-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Real property shall be valued by the assessor in the manner specified in the Wisconsin property assessment manual provided under s. 73.03

(2a)from actual view or from the best information that the assessor can practicably obtain, at the full value which could ordinarily be obtained therefor at private sale. In determining the value, the assessor shall consider recent arm’s-length sales of the property to be assessed if according to professionally acceptable appraisal practices those sales conform to recent arm’s-length sales of reasonably comparable property; recent arm’s-length sales of reasonably comparable property; and all factors that, according to professionally acceptable appraisal practices, affect the value of the property to be assessed.

(1g)In addition to the factors set out in sub.

(1), the assessor shall consider the effect on the value of the property of any zoning ordinance under s. 59.692 , 61.351 , 61.353 , 62.231 , or 62.233 , any conservation easement under s. 700.40 , any conservation restriction under an agreement with the federal government and any restrictions under ch. 91 . Beginning with the property tax assessments as of January 1, 2000, the assessor may not consider the effect on the value of the property of any federal income tax credit that is extended to the property owner under section 42 of the Internal Revenue Code.

(1m)In addition to the factors set out in sub.

(1), the assessor shall consider the impairment of the value of the property because of the presence of a solid or hazardous waste disposal facility or because of environmental pollution, as defined in s. 299.01

(4).

(2)The assessor, having fixed a value, shall enter the same opposite the proper tract or lot in the assessment roll, following the instruction prescribed therein.

(a)The assessor shall segregate into the following classes on the basis of use and set down separately in proper columns the values of the land, exclusive of improvements, and, except for subds. 5. , 5m. , and 6. , the improvements in each class:

1. Residential.

2. Commercial.

3. Manufacturing.

4. Agricultural.

5. Undeveloped.

5m. Agricultural forest.

6. Productive forest land.