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The DOR suggests a full revaluation with interior inspections be completed every 5-10 years, depending on market activity. Revaluations are completed for three main reasons: 1. To revalue all properties to be within 10% of market value as required by Wis. Stat. Sec. 70.052. To ensure all properties are assessed consistently between classes and within a class of the major property types. In other words, not only do all home owners want to be treated equitably with other home owners, but also commercial properties compared to residential, or agricultural compared to commercial, must be assessed fairly as well. 3. To ensure that all assessment data is collected. This data includes a digital sketch, a photo of the property and the various attributes such as age, size, bathroom count, basement finish, condition, quality of construction, etc. and appropriate data for attachments and out buildings. This data is collected through a field inspection, which is a physical inspection of the exterior and interior of each property.
In the Village of Waterford, most properties have not had an interior inspection for over 26 years. We strongly recommend interior inspections when they have not been conducted for more than 10 years.
Basically, the property owner will lose their right to appeal the assessment without an interior inspection.