Disadvantages of Reducing the City Assessment?

[Lokesh W.]

Good Morning,

My properties’ city assessments (Milwaukee, WI) are increasing and I guess this will be followed by an increase in tax. This includes my primary residence. I don’t plan on selling them anytime soon so I will dispute the city assessments to reduce my taxes. I do plan to refinance to obtain lower interest rates. One of the properties is rental and was purchased about a month back for much less than the city assessment value. I will add this to make my case.

Here’s what I want to know - What are the disadvantages of reducing city assessments? During refinancing, I know a new appraisal will be ordered. How critical is city assessment value for refinancing?

Any suggestions are greatly appreciated!

Thanks