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Can a Property Tax Assessment for an Apartment Building Be Challenged?

Posted on in Property Tax Assessment

milwaukee property tax assessment lawyerBy: Attorney Chris Strohbehn

Owners of real estate property are required to pay property taxes, and each year, property tax assessments are performed to determine the value of a property and the portion of a local tax levy that the property owner will be responsible for. A property tax assessment will affect the amount of taxes that a property owner will be required to pay, and property owners will need to make sure their property is valued correctly to avoid being required to pay excessive property taxes. Currently, owners of apartments may be facing financial issues related to the COVID-19 pandemic, especially since the federal moratorium on evictions may have prevented them from removing tenants who have been unable to pay rent. To address issues related to property taxes, apartment owners will need to work with an attorney who can advise them of their options for challenging a property tax assessment.

Property Tax Assessment Appeals for Apartments

Property owners who disagree with an assessment may work directly with an assessor to address this issue. If the issue cannot be resolved satisfactorily, the owner may pursue an appeal with their local Board of Review. If the owner disagrees with the determination of a property’s value made by the Board of Review, then further appeals can be pursued in the Wisconsin circuit court.

When appealing a property tax assessment, the types of evidence that may be provided will differ depending on whether the property is residential or commercial. Apartments buildings with three or fewer units are considered residential, and buildings with more than three units are considered commercial property. For both residential and commercial properties, an owner can share appraisals of the property that is representative of the local real estate market conditions with the assessor reviewing the assessment.

Moreover, an owner may also provide photos of the property showing deferred maintenance areas or certain features that had not been listed on the Property Record Card, but that are also important for the assessor to consider.

For commercial property, evidence that may be submitted during an appeal may include photos of the interior or exterior of the property demonstrating that it is not currently rentable or usable. It is not uncommon for assessors to seek rent rolls of the current year and income and expense statements for the previous year.

Contact Our Milwaukee Property Tax Assessment Lawyers

If you are the owner of an apartment building, you will want to make sure you pay the correct amount in property taxes and avoid any issues that could place an unfair financial burden on you. At Gimbel, Reilly, Guerin & Brown, LLP, our lawyers can help you take the right steps to ensure that the value of your property is assessed correctly, and we can work with you to appeal an assessment. Contact our Milwaukee, WI property tax appeal attorneys today at 414-271-1440.

Sources:

https://www.revenue.wi.gov/DOR%20Publications/pb060.pdf

https://city.milwaukee.gov/assessor/AppealsandAssistance674

https://www.wisbar.org/newspublications/wisconsinlawyer/pages/article.aspx?Volume=84&Issue=7&ArticleID=2258


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