Most property owners in Mineral Point received their assessment update in the mail Saturday.
Some increases were significant, but that does not mean significant tax increases will follow, said state sources.
“Property revaluations do not necessarily mean tax increases, but can lead to a shifting of the tax,” says the Wisconsin Policy Forum. “The amount of revenue that a local government receives from property taxes is determined by the levy, not property assessments.”
While assessments went up, the mill rate – the amount taxed per $1,000 of assessed value -could go down.
“Property owners fear that taxes will go up if a revaluation is done,” says a state Department of Revenue guide for property owners. “This may or may not be the case. Taxes are directly tied to the amount of money that the municipality needs to collect. This is called the levy. If the total levy remains the same, only those properties that are not presently paying their fair share of the tax burden will pay more taxes after a revaluation. Properties presently paying more than their fair share will pay less.”
The last reassessment was in 2018. By state law, municipalities must reassess property to align with market values periodically.
State levy limits link property tax increases to new construction unless a municipality asks for more through referendum.
Open book, when people can review the assessment roll, is 2 to 7 p.m. Sept. 23 at City Hall.
The Board of Review, when property owner appeals are heard, is 4 to 6 p.m. Oct. 14. Property owners need to file an appeal before the meeting.
Home sale prices have been growing for several years, and the reassessment is meant to reflect fair market value.
“In 2026, statewide residential property values grew by 7.1 percent, a significant increase but the smallest since 2020,” said a Wisconsin Policy Forum report. “Commercial property values increased 9.1 percent in 2026. The statewide gross property tax rate fell by 2.3 percent on December 2025 tax bills, marking the 12th straight year of decline. This is possible due to the continued brisk growth in property values.”
Property tax bills are mailed in December. The city budget and tax levy are usually set in November.