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By LeAnn R. Ralph
COLFAX — The Board of Review for the Village of Colfax will be delayed until September to allow the village’s assessor to complete a revaluation of property.
The revaluation will involve an “exterior visit” to properties in the village, said Barb Zempel of Zempel Appraisals, the village’s property tax assessor, at the Colfax Village Board’s June 14 meeting
A revaluation of property in Colfax has not been done in more than 10 years, and property owners can expect a significant increase in their property value, Zempel said.
The state requires that property values be brought up to 100 percent of market value. The last two years, property values in Colfax have been at 82 percent and 77 percent, she said.
Property values will have to increase by about 30 percent to get them up to where they should be, Zempel said.
The revaluation will have no impact on the village’s tax levy, which can only be increased according to net new construction, she said.
As a rule of thumb, when the valuation goes up, then the mill rate goes down, with the effect that the property owner is paying about the same amount in property taxes.
Property owners tend to become very upset when their property values increase by 30 percent, Zempel said.
An increase of 30 percent on property values, however, does not mean that the property owner will be paying 30 percent more in taxes, she said.
What a revaluation does is spread the property values around where they should be. If one house has had no improvements, but another house has had an addition constructed on the house, then the house with the improvements should be paying more in property taxes, Zempel said.
By state law, properties must be assessed at full market value once in every five year period, she said.