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Tax Assessment on River Property Changes Dramatically (and lower) --- Why ?

BID, CDA, Shorewood Businesses, Sunrise, Taxes, TIF

According to property tax information available on the internet, the property at 3907-09 N Sherburn, which is one of the parcels for the Sunrise Development that the Village Board is planning on funding for $800,000 plus has changed dramatically for 2007.

The past assessments for the Sherburn property had a separate assessment for the land and a separate assessment for the improvements (buildings) which is the normal breakdown, and is the way that the property at 1111 E Capitol (Riverbrook Restaurant) is assessed.

Following are the assessments for the Sherburn property for the past few years, applying the applicable State Equalizers:

Sherburn                                      Land                           Improvements                    Total

2004                                           474,000                        1,627,240                         2,101,240

2005                                           507,900                         2,250,282                        2,758,182

2006                                           530,425                         2,350,081                        2,880,506

2007                                          2,282,447                       00000000                         2,282,447

                      This is a drop in the assessment of $598,059  which equals a 21% drop in value !!

                      (note: the 1111 E Capitol Dr property had a decrease in its assessment of about 4%)

  • Is this the only property in Shorewood that has dropped in value by 21% ?
  • Why is the assessment no longer broken down into its parts ?
  • What implications does this have for the proposed Sunrise Development ?
  •  Inquiring Minds Want to Know !!

                                     Do you Know ?            Do you have any Comments ?

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