Tuesday, January 3, 2017

Wisconsin Vacant Structures Inform Property Tax Assessment Process

Wisconsin municipal authorities have struggled with the changing main street commercial district model.  Businesses have migrated to create a larger commercial - residential mix.  This expands the commercial district while flattening property values.

This creates vacant structure across the once self contained main street commercial district model.  The migration of commercial business leaves an immediate decrease in the assessed property value.  The value of an operating business is influenced by the vacant structures on the nearby blocks.

This dynamic has facilitated the delivery of professional services that perform property tax mitigation strategies .  This is a comprehensive approach to moving the existing real time changes in to the real estate assessment process.

Simply vacant structures can be utilized in comparison to the real estate property improvements of a near by operating business.  Local banks have employed a similar fiscal procedure which has resulted in less money available for perceived value beyond the property and improvements. This can be unsettling for municipalities that have continued to conduct their processes as always.

Municipalities will be increasingly confronted with area businesses challenging the tax money they are expected to pay according to the assessment procedure.  Private litigation can rapidly shift cost within small municipal budgets who will find this takes additional time and labor.

So municipal budgets will experience stress from lowering returns and the additional cost of accommodating their process to this emerging effort. 

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