MILWAUKEE — If you own your home or property in the City of Milwaukee, you might want to brace yourself. Property assessments get mailed out on Wednesday.
And when you slice open the envelope, you might see a bigger number than you were expecting - and that could mean a future tax increase.
A hot real estate market has home values spiking across the country, and it's the same here in Milwaukee.
In the Sherman Park neighborhood, the new assessment shows property values are up nearly 32 percent in the 7th District. That's the highest in the city.
Compare that to the average increase in assessed value for a residential property in Milwaukee, which went up 17.7 percent this year.
It's increasing in every city district, from a 10 percent jump on up to more than 30.
Now, the bottom line is this: officials say that does not mean your taxes will go up that same amount.
It depends on the tax levy, which will get set in the summer. And you won't officially know until you get your tax bill in December.
"A good rule of thumb is if your assessment is lower than general city wide average, then you shouldn't experience an increase in taxes," said Milwaukee Commissioner of Assessments, Nicole Larsen.
For the first time this year, you can do online. Before you do that, call the appraiser hotline at 414-286-6565.
More information can be found on the city's website.