Waukesha assesses high valuation disparities in 165 White Rock Avenue apartment units

The City of Waukesha's Board of Review convened on July 11, 2025, to discuss property assessments, focusing on the valuation of multifamily units. A significant portion of the meeting centered around the assessment of a property located at 165 White Rock Avenue, which has drawn scrutiny due to its high valuation compared to similar properties in the area.

During the meeting, a representative presented a detailed analysis of the property, arguing that the assessed value of $145,000 per unit was not supported by the current market conditions or the property's actual performance. The representative highlighted that the property’s net operating income and rental rates did not justify such a high valuation, noting that the current rents were significantly lower than what would be required to support the assessed value.

Concerns were raised about the 85% year-over-year increase in property value, which the representative deemed extraordinary and unsustainable. They argued that the assessment was based on unrealistic market assumptions and that adjustments should be made to reflect the time and investment needed to achieve higher rental rates.

The discussion also included comparisons to other properties, with board members questioning why similar units were assessed at approximately $110,000 per unit while this property was valued at $145,000. The city assessor acknowledged the differences but did not provide a clear rationale for the higher valuation, stating that a broader market analysis was used to determine the assessment.

The meeting concluded without a definitive resolution, as board members expressed the need for further review of the assessor's analysis and the sales comparisons used to justify the property’s valuation. The board will reconvene to address these concerns and determine the appropriate assessment moving forward.