Beautfiul 40 acres of rolling hills, trout stream, hardwoods & wildlife! Plus, a Gorgeous Home w/a unique floor plan has a lg open concept adjoining living rm, kitchen & dining area w/access to the root/wine cellar. Enjoy the fabulous view of nature from the windows from every room. Main floor master has a beautiful patio overlooking the hot tub & stream, full tile walk-in shower & cedar sauna. Loft master has hardwood floor, cedar lined walk-in closet, full bath & walk-out to patio.
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For your hobbies or business, property offers a 4500+ sq ft Commercial Bldg w/powered overhead door, wood heat & insulated w/fire rated drywall. Building also has a 12x60 ft upper level business or hobby workrm/display area & a 700 sq ft 1 bedrm apt w/carport. The backyard also offers a unique summer kitchen which is partially screened w/a brick floor, loft & a fieldstone fireplace. Enjoy all the property has to offer including wildlife, cherry trees, beautiful Rajek Creek w/great brook trout fishing & flowing waters yr-round, rolling hills for ATVing & snowmobiling. Your possibilities are endless!
In Wisconsin, we've been fortunate that our property values are weathering the market relativity well compared to many other areas of the country. While the news media portrays values as dropping, it speaks to an overall trend in some areas and doesn't take into account a specific neighborhood or specific properties. In actuality, some communities, and some neighborhoods, have seen values increase; many neighborhoods are experiencing fewer sales yet values remain relatively stable; and a few neighborhoods have experienced foreclosures and short sales that have driven market values lower. It's the latter neighborhoods that capture news media attention.
If your municipality happens to be conducting a revaluation this year, then your assessment will reflect the most probable market value. A revaluation sets all properties at market value as of January 1 and establishes the relationships of one property to another. Those relationships remain until the next revaluation. If your community is not conducting a revaluation this year, then your assessment will likely not be adjusted if the only change occurring is the same market adjustment that the rest of the community is experiencing. Just as your assessment didn't go up each year when property values where rapidly increasing, your assessment will not be adjusted downward just because values are declining. The reason for this is twofold. If all values are going up or all values are going down, it doesn't change the relationship of one property to another and therefore doesn't change the tax burden relationships.
Secondly, in order to contain costs, most municipalities do not perform a revaluation every year. It is the revaluation process that adjusts everybody's value to reflect those properties which have sold.
Not necessarily. To illustrate how the levy affects your assessment we'll look at Badgertown; a community of two. Each resident owns a house valued at $100,000. Badgertown's tax levy is $2,000; the amount needed to cover its expenses. Since each resident owns 50% of the total property, they each pay 50% of the levy giving them each a tax bill of $1,000.
If property values in Badgertown go up 10%, then each property is assessed at $110,000. The amount they pay in taxes, however, remains the same. Each resident still owns 50% of the total property in Badgertown and must pay 50% of the $2,000 tax levy or $1,000. And what if values start dropping? Residents' property might drop to $80,000 each but because they each still own 50% of the property, and Badgertown still needs to collect $2,000, they will continue to see a $1,000 property tax bill.
Usually not. Foreclosed properties are being marketed under duress and frequently sell at discount prices. While there have been more foreclosure-related sales during 2008 and 2009 than any time during the past 20 years, foreclosure sales have always been part of the market. In this downturn, Wisconsin has fared better than most states as real estate values adjust to the economic climate. Just as foreclosure-related sales are frequently not an indicator of market value when values are rising, they are not necessarily an indicator of value in a declining market and are not normally considered by the assessor when determining the market value of property in a community. In fact, Wisconsin law, appraisal standards, and Wisconsin courts, require very specific criteria for a sale to be considered as a reliable indicator of market value. Two of the most important of these criteria are whether the sale occurred under duress (such as a forced sale) and whether the property had adequate market exposure. For example, a property that sells two weeks after it's listed may have sold quickly because it was under-priced. This may be an indication of a duress situation, requiring closer review by the assessor, to verify whether is was an arms length transaction. In most cases, looking at non-foreclosure sales is the most reliable way to gauge what is actually happening with neighborhood values.
There are times when the majority of homes that are selling in your neighborhood tend to be around the same price as foreclosure-related sales. In this case, they may represent a reasonable picture of market value
Property owners know their assessment is used to calculate their December tax bill. What many taxpayers find confusing is that the assessment is only one part of the equation for computing the property tax. The other variable used to compute property taxes is the tax levy.
The levy represents the budgets established by the municipality, schools, etc. to cover their expenses. Those expenses are apportioned among property owners according to the percentage of ownership they have in the total property of the municipality. Thus, the actual tax bill is dependant on both the amount of all the taxing jurisdiction levies and the proportion of your assessment to the total value of property in the community. If you own 1% of the property value in your community, then you will pay 1% of the tax levy. It is the proportion of your assessment to the total value of the community that affects your tax bill, not the assessment number itself.
Said another way, your municipality must collect a certain amount; no more, no less. It divides that amount among all owners in proportion to the amount of property they own. Whether the property in the municipality is assessed at 90% of market value or 110% of its market value has no effect on your particular tax bill so long as your neighbors are also being assessed at that same 90% or 110%. This is the concept of uniformity and the basis for Wisconsin tax law.
An increase or decrease in the assessment of an individual property does not predict whether the tax bill for that property will go up, down, or remain the same
Wisconsin home sales and median prices both fell in the second quarter of 2009 relative to that same quarter in 2008 according to data just released by the Wisconsin REALTORS® Association (WRA). But despite significant job losses in manufacturing and other sectors that have pushed the state unemployment rate to 9 percent in June, REALTORS® say the state housing market is actually showing signs of stabilization. The decline in home sales was 10.5 percent, which was higher than both the Midwest region, which fell 5.3 percent, and the nation, which was down just 2.9 percent, but it was well below the steep reductions in Wisconsin sales volume that we have seen over the last few quarters. Marathon county sold 66 less homes in 2009 compared to 2008 second quarter.
Potential first-time home buyers who are wondering whether they should get into the market to take advantage of the $8,000 tax credit shouldn't wait much longer.
They may know that the federal tax credit is available for homes purchased from January until the end of November of this year, but they may not realize that they'll need to have a home purchase in the works long before the Dec. 1 deadline rolls around.
That's because it typically can take six to eight weeks from the moment a buyer signs an offer letter to the time of a closing, when the buyer can move in to the new house (and claim that tax credit).
Realistically, that means a buyer who is seeking the credit would want to sign a purchase-and-sale agreement by mid-October. That gives the prospective buyer time to arrange a home inspection and close on home before Nov 30th . Title must be transfer in your name .
That means you'll probably want to be serious about buying a specific house by the beginning of October if you want to be sure you can take advantage of that $8,000 tax credit (which, depending on the kind of loan, could be used to help with the down payment).
You also need to be a first-time home buyer (or someone who hasn't owned a home for the past three years). You need to earn less than $75,000, or less than $150,000 as a married couple, to be eligible for the full credit.
Community Development Programs
We are able to offer low interest loans for various types of situations, such as downpayment and rehabilitation programs for housing and commerical properties located in the City of Wausau. Potential clients must meet income guidelines as published by the Department of Housing and Urban Development (HUD). Income guidelines are as follows:
| One | Two | Three | Four | Five | Six | Seven | Eight |
| $37,400 | $42,750 | $48,100 | $53,450 | $57,750 | $62,000 | $66,300 | $70,550 |
Downpayment Program
The City of Wausau has funds are available for assistance with downpayment and closing costs related to purchasing a house within the City of Wausau. Funds are provided on low-interest deferred installment loans on a first-come, first serve basis. Community Development will be accepting applications for this program by appointment only. Clients must meet the above income guidelines to qualify for the program. For additional information, please see our Downpayment brochure.
Please contact Mindy Brandenburg at 261-6679 with any questions.
Homeowner Rehabilitation Program
The City of Wausau has funds are available for necessary home improvements on a city-wide basis by providing low interest, deferred loans on a first come-first served basis. There is currently a waiting list for this program. Clients must meet the above income guidelines to qualify. You must complete the Homeowner Rehabilitation application and return it along with the following items to be added to the waiting list. You will be contacted once your name reaches the top of the waiting list to verify if you are still interested and/or still eligible for the program. Please include the following with your application:
For more information, please see our Homeowner Rehabilitation Program brochure.
Please contact Tammy Stratz at 261-6682 with any questions.
Rental Rehabiliation Program
The City of Wausau has funds available to assist Landlords with renovations and improvements on properties within the City of Wausau. Funds are provided as low interest deferred installment loans on a first-come, first serve basis. For more information, please see our Rental Rehabilitation Program Guidelines.
Please contact Tammy Stratz at 261-6682 with any questions or to apply for the program.
Commercial Rehabilitation Program
The Wausau Commerical Rehabilitation Program is a loan program designed to stimulate rehabilitation and redevelopment of commerical real estate in downtown Wausau. For more information, please see our Commerical Rehabilitation Program Guidelines.
Please contact Ann Werth at 261-6686 with any questions.
Wausau WI. Real Estate Information That Is Straightforward, Honest And To The Point. YOUR NEEDS ARE ALWAYS MY #1 PRIORITY
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