Glossary of Terms F - R

Glossary of Terms

Full Value

For all practical purposes, the same as equalized value. It represents the current market value of all taxable property within the boundaries of municipality or a district, such as a school district or tax incremental district.

Market Value

The amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell, and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property.

Manufacturing Class

Manufacturing property consists of all property used for manufacturing, assembling, processing, fabricating, making or milling tangible personal property for profit. It also includes establishments engaged in assembling component parts of manufactured products. The Wisconsin Department of Revenue assesses all manufacturing class properties in the City of Superior. Manufacturing properties represents 2% of the total real property assessed value of the city.

Mean Value

The average value. It is determined by dividing the total value of all properties by the number of properties in a data set.

Median Value

The value of the property located at the midpoint of all property assessments when arranged in order according to value. It is a positional average and is not affected by extreme value outliers.

Personal Property Class

Personal property as described in S. 70.04, Stats., includes all goods, wares, merchandise, chattels, and effects of any nature or description, having any real or marketable value, and not included in the term "real property." The subclasses of personal property include: boats and watercraft; machinery, tools, and patterns; furniture, fixtures, and equipment; all other personal property.
  • Locally Assessed Personal Property

    basically includes all personal property used by businesses. It does not include inventories.
  • Manufacturing Personal Property

    is assessed by the Wisconsin Department of Revenue.
Personal Property represents roughly 4.65% of the assessed value of the city.

Residential Class

The residential class of property includes all property where the predominant use is for living purposes. It also includes vacant land where the most likely use would be residential development. Apartment buildings of four or more units, hotels, motels, and resorts are classified as commercial property. The residential class represents roughly 63.75% of the total assessed value of the city.


Estimating the current market value of all taxable property for purposes of a new assessment. A revaluation is performed to achieve valuation equity in all types and classes of properties. Equity in assessments assures that property owners pay only their fair share of levies set forth by the taxing bodies. (see Taxing Bodies)