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 !

 I had noted in an earlier posting that a major TIF property had a questionable assessment.

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.

Also when the TIF district does their calculations on the increase of value on the property, they will have an extra cushion of $600,000 that will go to the TIF and not to the schools, county, MATC, etc ......  which again will be taxes shifted from that property to other property owners in Shorewood.

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 !!

HERE IS A COPY OF THE ACTUAL TAX REPORT THAT STEVE REQUESTED I POST

                    WHAT DO YOU THINK?               YOUR COMMENTS ARE APPRECIATED !

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 ?