09/03/2026
π PROPERTY REVALUATION COMING IN 2027 β WHAT PROPERTY OWNERS SHOULD KNOW
Village property owners may have recently received a letter from our assessor regarding a Village-wide property revaluation planned for 2027. We want to provide a little background about why the revaluation is necessary β and clear up one very common misconception.
Currently, property assessments in the Village of Colfax are significantly below current market values. The Wisconsin Department of Revenue's most recent finalized report placed the Village's overall level of assessment at approximately 69% of full market value. In other words, properties as a whole are being assessed at roughly 70% of their estimated market value.
Wisconsin requires municipalities to periodically bring assessments back in line with full market value. Under state assessment standards, each major property class must fall between 90% and 110% of full value at least once during every five-year period. Colfax is currently listed by the Wisconsin Department of Revenue as **not in compliance with these assessment standards.**
That is why a revaluation is being conducted.
IMPORTANT NOTE: An increase in your assessed value does NOT automatically mean your property taxes will increase by the same percentage β or even increase at all.
A revaluation primarily changes how the total property tax burden is distributed among properties. The Village, school district, county and other taxing jurisdictions determine how much money they need to collect through their respective tax levies. Those levies are then divided among taxable properties based on their share of the total assessed value.
A higher assessment does not automatically mean a higher tax bill.
If most properties in the Village increase in value at about the same rate, the tax rate generally decreases. Your tax bill is affected more by how your property's value changes compared with everyone else's.
The Wisconsin Department of Revenue specifically notes that an increase or decrease in an individual assessment does **not predict whether that property's tax bill will go up, down or stay approximately the same.**
The purpose of the revaluation is not to generate additional Village revenue. Its purpose is to bring property values closer to current market conditions and make sure the property tax burden is distributed as fairly and uniformly as possible.
π We have also prepared a Property Revaluation FAQ explaining the process, assessments, market value, tax bills, appeals and what property owners can expect during the 2027 revaluation.
https://www.villageofcolfaxwi.org/property-taxes-assessments
We understand that receiving a revaluation notice can raise questions, and we will continue providing information throughout the process.