FAQs

Tax & Assessment

  • An increase in your assessment does not necessarily mean an increase in your property taxes. Your property tax rate will not be last year’s property tax rate multiplied by this year’s assessed value.

     

    Assessments do not determine how much is going to be taxed; budgets determine that. Assessments only affect how the tax bill is divided among property owners once the tax levy is set. To determine the possible effect on your taxes, compare your change in assessment to the average increase. If the increase in your property’s assessed value is greater than the average, a tax increase is possible; your property represents a larger share of the valuation. If change in your property’s assessment is equal to or less than the average, a tax increase is possible if the total tax levy is increased.

  • The tax rate is the rate necessary to raise sufficient money from the property tax to meet the tax levy. The tax levy is the amount of taxes the City of Dodgeville, the School District of Dodgeville, Madison Technical College, and Iowa County need to collect to support their budget. The tax rate is determined by dividing the total assessment of a district into the levy. The rate is often expressed in terms of dollars per thousand (also known as the mill rate). If the assessed values established by a revaluation are greater than they were before and the tax levy is the same, then the tax rate will be less. For example, if the tax levy remains unchanged and the total assessed value of the taxation district is doubled, the tax rate will be cut in half.

  • The goal of a revaluation is to create uniform, equitable, and fair assessments ensuring each property bears its fair share of the property tax burden. Revaluations ensure that the distribution of property taxes is impartial and based on market value standards.