Waukesha property assessment debates reveal significant valuation discrepancies

The City of Waukesha's Board of Review convened on July 11, 2025, to discuss property assessments and valuation concerns for the year 2024. The meeting focused on a specific property, with discussions centering around its assessed value and market performance.

The property owner presented a case arguing that the assessed value of $892,983 was inflated, citing a year-over-year increase of 49%, which significantly exceeds the commercial average of 38%. The owner expressed concerns that this level of appreciation was not justified by the property's actual performance or current market conditions. They noted an operating expense ratio of 62.74%, indicating potential financial strain.

In response to inquiries about comparable sales, the owner referenced a recent sale of a similar property at $98,000 per unit, suggesting that the current assessment did not align with market realities. The owner acknowledged a lack of prior analysis on the property's value, attributing this to a lack of contestation in previous years.

Following the property owner's presentation, the city assessor provided additional context. The assessor noted that the property, built in 1928, was in average condition for its age and had not undergone significant improvements. They presented data indicating that the average market sale price per unit for similar properties in Waukesha was around $96,000 to $97,000, supporting the city's assessment.

The assessor also discussed the impact of property age on valuation, explaining that older properties often require more maintenance, which can affect their market value. They highlighted that the sales analysis included both 2023 and 2024 data, with a focus on properties that had sold in bulk, which could skew average prices.

The meeting concluded without any immediate resolutions, as board members did not pose further questions to either party. The discussions underscored the complexities involved in property valuation, particularly in a fluctuating market, and set the stage for potential follow-up actions regarding the assessed value of the property in question.