RACINE COUNTY — Residential property reassessment notices mailed last week, averaging about 10 percent higher, have raised concerns among some Mount Pleasant and Sturtevant property owners, assessors say.
Mount Pleasant reassessed all residential properties and mailed the resulting notices last Wednesday and Thursday. Sturtevant adjusted assessments for all residential properties except for Majestic Hills and Chickory Creek, which were done in 2017. Notices were mailed Thursday.
The vast majority of Mount Pleasant’s residential properties now have higher assessments, with the average being about 10 percent, said the village’s contracted assessor, Dan McHugh. In some neighborhoods, the increases exceeded that, with condominiums in particular rising about 12 to 14 percent, he said.
“A few” assessments rose by less, about 4 to 6 percent, McHugh said.
The reason for the increases is simple supply and demand in housing, he explained. “The supply of homes is at historically low levels, and that leads to historically high prices,” McHugh said.
The National Association of Realtors recently ranked Racine County the seventh-hottest housing market in the entire country.
The Mount Pleasant Assessor’s Office has an employee who also is in real estate, so McHugh has a very good idea what’s happening in that market. Some homes have drawn 15 to 20 offers.
“One had 27 offers,” he said. “It’s just an unbelievable time right now. And it’s purely supply and demand.”
Same story in Sturtevant
Sturtevant’s contracted assessor, Jim Henke, described the same phenomenon as has been happening in Mount Pleasant, and said the average residential property readjustment was about a 10 percent increase. A few assessments did decline because of condition, desirability and those types of reasons.
“It’s all based on sales activity,” Henke said. “This increase, I don’t believe is related to Foxconn — it’s (housing) inventory … there are not many homes and not that many lots to build on. It’s a supply-and-demand situation.”
Henke commented, “I would rather have this situation than what we had in 2009 and ’10, when condos lost 50 percent of their value.”
“I think this is a phenomenon that is bigger than just Racine (County),” Henke added. “We see this throughout southeastern Wisconsin.”
Asked about what adding Foxconn to the mix might do in the next few years, Henke said: “It would only appear to get worse if we don’t have more supply and we have a bigger demand when we get to 2020, 2021.
“It’s better to have this problem than the (opposite) problem; that’s all I can say,” he finished.
Mount Pleasant’s open book, when citizens can look at the assessment rolls and talk with the assessors, runs now through June 1, from 9 a.m. to 4 p.m. daily at the Village Hall, 8811 Campus Drive.
“We prefer people call ahead and schedule an appointment,” McHugh said.
People can also email his office if they want their adjustment reviewed, at firstname.lastname@example.org. The assessors will run comparable sales, and if they don’t support the new assessment, will make an adjustment, he said.
Mount Pleasant’s Board of Review starts at 10 a.m. June 18 and will run until all objections have been heard, McHugh said. People must file an objection form by 5 p.m. June 15 to be heard.
Sturtevant’s open book takes place from 1-5 p.m. May 22 and 23 at the Village Hall, 2801 89th St. The Board of Review will be held from 5-7 p.m. June 13. Residents must file an objection form in advance to schedule an appointment.
“It’s just an unbelievable time right now. And it’s purely supply and demand.” Dan McHugh, Mount Pleasant assessor