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Board of Review approves assessment reductions for Cast Iron apartment parcels after sale
Summary
West Bend City Board of Review accepted stipulations that reduced 2025 assessed values for several Cast Iron apartment parcels to match reported sale prices; buyer's agent agreed to withdraw objections.
The West Bend City Board of Review on July 16 approved stipulations to reduce the 2025 assessed values for multiple parcels in the Cast Iron apartment complex to the sale prices reported on the real estate transfer tax return.
The move stems from a sale earlier this year. Gary Kolenberg, the agent of record for the new owner, submitted documents to verify the transaction and agreed that, if the board reduced assessments to the sale prices summarized in the exhibit, he would withdraw objections filed for each parcel.
"The most recent was just moments ago. And I'd like to just confirm that under the orange column that reads 2025 assessment value, the total is 34,134,800. ... And under the revised assessment, it reads 21,758,700," Gary Kolenberg, agent of record for the buyer, said while confirming the exhibit submitted to the board.
City Assessor Jeff Yoder told the board the assessor's office had set 2023 valuations using an income approach based on available market data; because updated income and lease information was not previously available, the assessor recommended changing the 2025 assessments to reflect the verified sale prices. "Our 2023 revaluation ... was based on an income approach with our model and our estimates," Yoder said, explaining why the sale prompted the revision.
The assessor's office prepared separate stipulations for each tax parcel because ownership interests were held as tenants in common and the ownership percentages differed across parcels. The board voted to approve the stipulations and amend the assessments; the signed stipulations will be incorporated into the meeting record.
Board chair John Corbett called for a vote after a motion and second; members signified their approval by saying “aye.” The clerk and counsel will include the agreed exhibits and signed stipulations in the minutes.
The approved adjustments will change the reported 2025 assessed total for the covered Cast Iron parcels from $34,134,800 to $21,758,700, according to the exhibit entered into the record.
The board moved next to other agenda items after signing the stipulations and noting that the assessor will continue to review income and expense information for the properties in future years.
