Board of Review rejects assessor's valuation of low-income housing property

The City of Waukesha's Board of Review made a significant decision regarding property valuation during their meeting on July 11, 2025. The board determined that the assessor's valuation of a low-income housing property was incorrect, following a thorough review of the income approach presented by the property owner.

Key discussions highlighted that 60 out of 62 units in the property are designated as low-income housing and are subsidized under Section 42. The property owner provided detailed income statements and rent rolls, which were crucial in demonstrating the property's value. The board noted that there had been no recent comparable sales of similar low-income properties, which further supported the need to rely on the income approach for valuation.

In a decisive motion, the board exercised its judgment under Wisconsin Statutes, concluding that the evidence presented by the property owner was sufficient to challenge the assessor's valuation. The board's final determination set the full value of the property at approximately $4.1 million, significantly lower than the assessor's estimate.

This ruling underscores the board's commitment to ensuring fair property assessments, particularly for low-income housing, and highlights the importance of accurate income reporting in property valuation processes. The decision is expected to have implications for future assessments and the management of low-income housing in Waukesha.