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Board of Review finds 2024 sale representative; lowers two Sixth Avenue parcels to $237,500 each
Summary
After contested testimony from the property owner and the assessor, the Kenosha Board of Review concluded a May 15, 2024 sale was an arms-length transaction representative of value and reduced two Sixth Avenue Partners LLC parcels to a full value of $237,500 each by majority roll-call votes under Wisconsin statutes.
The Kenosha Board of Review reduced the full value of two downtown Sixth Avenue parcels owned by Sixth Avenue Partners LLC to $237,500 each after a contested hearing in which the board weighed competing evidence about whether a May 15, 2024 sale represented ordinary market value.
The appellant, identifying himself as Anthony (last name not specified on the record), said the two adjacent parcels had been purchased May 15, 2024, for a combined $475,000 and asked the board to set each parcel's full value at $237,500, arguing the transaction was an arm's-length sale that the assessor should have used under the Markarian hierarchy. "The properties were purchased for $2.375 (each) ... the assessments are much higher than the sale price," the appellant said, asking the board to apply the sale price to the 2025 assessment.
Kenosha's commercial appraiser and assessor witness, Kirk Griffin Jr., testified the assessor used an income approach and mass appraisal processes typical for income-producing properties and concluded the May 2024 sale was not sufficiently exposed to the open market (it was marketed…
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