When complete, assessments should better match market values
By Jennifer Eisenbart
Property values in the City of Burlington will be reassessed this year, to keep the city compliant with state statutes.
The Common Council passed a resolution Tuesday to have Accurate Appraisal complete a full market revaluation this year by a unanimous 5-0 vote.
Aldermen Tom Voss, Ed Johnson and Steve Rauch were excused from the meeting.
According to tax rates and figures used to generate the 2012 tax bills, the city’s equalization factor was at 107 percent. Example: the average home value assessed at $195,000 showed an equalized value of $182,243.
State statutes require revaluations when the equalization factor approaches 10 percent – plus or minus the assessed value – and city staff believe that threshold will likely be met this year.
Accurate Appraisal is the current city assessor. The last revaluation in the city was done in 2006.
In other action at last week’s meeting:
• The council unanimously approved a change order – for $0 – for Phase II of the Wastewater Treatment Plant upgrade. The changes will cost roughly $35,000, but are being drawn from a contingency fund established when the city got a Clean Water Fund Loan.
However, the loan program requires the city file the change order.
• The council also approved authorizing fee assessments for weights and measures license holders. The state has billed the city for the work, and the city will now use the fee assessments to recoup some of the costs.
• The council unanimously approved amending the Multi-Jurisdictional Comprehensive Plan for 200 Bridge Street, changing it to high-density residential to allow for the building of an apartment complex on the property.