In a March 27, 2008 posting to my blog, I noted that the Sunrise Property was incorrectly assessed for value as "vacant" land, while it actually did --- and still does --- consist of land Plus "improvements" (buildings).
Below is part of the posting detailing that the assessor dropped almost $600,000 of value from the property, which means all Shorewood taxpayers picked up the difference on their tax bills.
Now that Sunrise is Sunset --- will the Village properly assess the parcel for its current market value --- as prescribed by State Law and Regulations ?
"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 had a drastic change in assessment for 2007.
The assessment dropped $598,059 or about 21% of its former assessed value. In addition, the assessor changed the property from a parcel with improvements to vacant land --- even though there is still an apartment building on the property.
When I questioned the Assessors Office as to why the new assessment discounted the aparment building, I was told that the Assessor knew there was an offer on the property, and that the new owners planned to tear down the building and get TIF funding for a new project --- and that the Assessor valued the property as though is was empty land, based upon what might happen.
In fact, the property had an occupied apartment building and there was not even a closed sale on the property.
In checking with the WI Dept of Rev, they affirmed that the assessment was done incorrectly, and that the property should have been properly assessed with the improvements, and not as vacant land. Future planned use has no affect on the present use and market value.
The almost $600,000 that the assessor dropped off the value of the property means that all property owners in Shorewood pay more in taxes to make up the difference."
WHAT DO YOU THINK ? YOUR COMMENTS ARE WELCOME !