By: 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.

By Attorney Russell J. Karnes

Commercial property owners across Wisconsin have seen declines in revenue as a result of the COVID-19 pandemic. Wisconsin property tax assessors are required to take revenues and expenses into account when valuing commercial property using the income method of valuation. Property owners should expect to receive their notices of assessment in the mail beginning this spring. But whether these assessments will accurately reflect the decline in value for commercial property as a result of the pandemic is an open question. Owners of commercial properties such as office buildings and hotels should prepare now to object to their property tax assessments.

Commercial Property Assessments Must Be Based on Fair Market Value

Wisconsin law requires real property to be assessed at the fair market value using a three-tiered methodology for valuation. The first valuation tier, which provides the best evidence of a property’s value, will be based on a recent sale of the property in question at arm’s length. If the property had not been sold recently at arm’s length sale, then the second valuation tier may be used. This option provides the next best evidence of a property’s value, and it will examine comparable properties that had recently been sold. If neither the first-tier nor second-tier valuation methods are available, an assessor can use the third tier of approaches to determine a property’s value, and these methods include examining factors such as a property’s cost and the income it generates. 

By Attorney Christopher L. Strohbehn

Owners of hotels and others in the hospitality industry have been some of the hardest hit by COVID-19. Relief has been few and far between for many.  On the one hand, they might be fighting business interruption claims because of the downturn in their business, and on the other hand, they are paying the same, if not more in property taxes at a time when their occupancy and customer traffic are at an all-time low.   

The business climate makes it imperative for hotel owners and commercial property owners to consider a property tax appeal recognizing that the market under COVID-19 has and will continue to be different this coming year.

By Attorney Christopher L. Strohbehn

Are you are a Wisconsin taxpayer who has objected to the payment of property taxes at the local Board of Review this year? If so, and you received a full hearing deciding the merits of your objection, then it is time to consider filing an excessive assessment claim if you have not already done so.

If you find yourself in this position, this is yet another procedural step you must take if you wish to further contest your claim in Wisconsin Circuit Court.

By Russell J. Karnes

Residents and commercial property owners across Milwaukee and Wisconsin are in sticker shock after receiving notices of huge increases in real estate property tax assessments in the mail. Property owners must be left to wonder: what in the world is the assessor thinking? Milwaukee’s assessors, in particular, could not have sent their revaluation notices at a worse time. While the COVID-19 (Coronavirus) pandemic has shuttered many businesses and put people out of work, property owners are looking for ways to cut expenses to keep their homes and maintain tenants. Property owners are now left to worry about the potential for big increases in next year’s property tax bills because of higher assessments.

While Wisconsin property owners have little or no control over tax rates, the time to object to property tax assessments and challenge assessed values is now.