By Kevin Boneske
Staff Writer
SUAMICO – The village board has authorized $77,300 to conduct a property reassessment of Suamico for next year.
The board unanimously approved an agreement Monday, May 20, with appraiser Mike Denor of Fair Market Assessments, Inc., to update the village’s assessment records as needed to bring property values at or near 100 percent of fair market value, in accordance with state law.
The contract, in which four payments of $19,325 will be made next year, calls for the reassessment work to be completed no later than Aug. 30, 2020.
The agreement states the appraiser must visually inspect all parcels in the village, including updated exterior photos of principal buildings.
Denor informed village officials each property will be reviewed individually “to best reflect the market/assessed value.”
To support the assessed property values, the appraiser will be required to provide three comparable properties for each improved residential property.
Notices of those assessments would have to be mailed no less than 30 days prior to the Board of Review meeting, which must be held by Aug. 30, 2020.
An email Denor sent to village officials indicated he would like to start this August on reviewing the properties, and take photos after the leaves fall, but before a snow cover.
Denor said he would send letters as necessary to view properties in the fall and over winter, and take any remaining photos next spring after the snow melts.
After analyzing 2019 sales data, Denor said he would determine final property values in the spring and summer of next year and mail out the notices of assessment in July 2020.
2018 Audit
The board also heard an audit report put together by the firm of Clifton Larson Allen on the village’s finances for 2018.
As noted in a memo provided to the board by village Financial Director Jessica Legois, the audit found positive results from last year that included:
• The village’s total general-obligation debt decreased by $1.9 million, or 13.8 percent.
• The village’s total net position increased by $1.3 position ($1 million governmental activities + $300,000 business-type activities).
• Governmental fund balances increased $685,897 to $6.7 million.
• The village’s unassigned general fund balance of $1.4 million exceeded 25 percent of 2019 budged general fund expenditures of $1.1 million, allowing the village to transfer $317,222 to the equipment replacement reserve fund.