Waukesha assesses hotel value correction after $7M calculation error

In the heart of Waukesha, city officials gathered for the Board of Review meeting, where discussions centered on the fluctuating property values and the lingering effects of the COVID-19 pandemic on the local economy. The atmosphere was charged with concern as board members and property owners navigated the complexities of assessed values and market conditions.

One of the key topics was the significant drop in the assessed value of a local hotel, which plummeted from over $17 million to just $10.1 million. This drastic change raised eyebrows and prompted questions about the accuracy of property assessments. A representative from Waukesha Hospitality explained that the hotel’s value had been impacted by a combination of factors, including a soft market and the ongoing repercussions of COVID-19, which had severely affected convention bookings and overall business.

The representative noted that the weekends had been particularly challenging, with the hotel’s water park, initially seen as a potential draw, failing to attract the expected crowds. The board learned that the lead time for booking conventions had shortened post-pandemic, but the long-term outlook remained uncertain, with a typical booking window still spanning two to three years.

Adding to the complexity, an error in the property tax calculation was revealed, where a $7 million discrepancy had been identified. This error led to a correction notice sent to the property owner, clarifying that the assessed value should not have decreased so dramatically. The board discussed the implications of this mistake, emphasizing that each year’s assessment stands on its own, and the importance of accurate evaluations in maintaining fair taxation.

As the meeting progressed, it became clear that the challenges faced by local businesses were not isolated incidents but part of a broader trend affecting the Waukesha community. The discussions highlighted the need for vigilance in property assessments and the importance of understanding market dynamics in a post-pandemic world.

With the meeting concluding, board members left with a renewed commitment to ensuring fair assessments and supporting local businesses as they navigate these turbulent times. The future of Waukesha’s economy hangs in the balance, and the decisions made in these meetings will play a crucial role in shaping the city’s recovery and growth.