2020 CITY OF SUN PRAIRIE REVALUATION INCOME AND EXPENSE QUESTIONS AND ANSWERS
Are you a commercial property owner in Sun Prairie? You’ll be receiving a confidential property value assessment form in the mail in the next few days as the city completes its 2020 revaluation process. Check out the answers to our most frequently asked questions about what to expect.
WHAT IS THIS FOR?
The City of Sun Prairie is in the process of completing a revaluation as of January 1, 2020. There are three major methods to valuing property:
cost, market, and income. Your returned income and expense form
will help to provide information necessary to complete this process.
WHAT IF I HAVE NOT DONE THIS BEFORE?
The City of Sun Prairie last completed a revaluation in 2017. At that time income and expense information was also requested. If there are questions about the form, please contact the Assessor’s Office at
IS THIS A MANDATORY FORM?
The form is not mandatory in order to arrive at an assessed value. However, Wisconsin Statute 70.47(7)(af) requires this information be presented to the assessor in order to file an objection to the Board of Review provided the assessor arrived at your value via the income approach.
IS THIS INFORMATION CONFIDENTIAL?
Yes, income and expense information is confidential per Wisconsin Statutes and City Ordinance.
WILL THIS BE USED IN MY ASSESSMENT?
The appraiser will use this information as well as information from like properties to assist in the revaluation. Your actual information will be reviewed to further support your assessment.
WHAT IF I BOTH OWN AND OCCUPY THIS PROPERTY?
If you are an owner of the property as well as the operator of the business, please write across the front of the form that this is owner occupied, complete as much of the expense information on the reverse side as possible and return the form to the Assessor’s Office.
WHEN WILL THE VALUES BE COMPLETED?
The timetable for the completion of the revaluation is to mail change of assessment notices in mid-May.
MAY I SEND IN A RENT ROLL?
You may send a rent roll form with your tenant roster, but please take the time to complete the reverse side of the form.
MAY I SEND IN THE IRS FORM FOR BUSINESS EXPENSES?
You may send the same forms you send to the IRS with Rental and Expense data. Often this will save time for both parties in relaying information. However, certain items included in IRS filings are not an allowable use relating to expenses such as depreciation and mortgage interest.