Property, for tax purposes, falls into two broad categories: real estate and personal property. The City of Milwaukee breaks down the locally assessed real estate into several subsections: residential (1-3 family property), Condominium, Local Commercial, Special Commercial, and Apartments (4 family and over). Personal property consists of machinery and equipment, furniture, fixtures and other property used in the course of business or commerce. The two broad categories represent approximately 97% of the city's tax base.
The remaining 3% consist of property valued by the Wisconsin Department of Revenue and consists of manufacturing property, both real and personal. These assessments, prepared by the State, will not be available until about June 1st.
Real Estate Changes
The 2014 assessment shows that the total assessed value of residential and commercial real estate rose by 1.38% since January 1, 2013. Commercial property assessments rose by 3.64% and residential property assessments fell by -0.05%.