Board lowers Willow Park Apartments assessment to $6.478 million
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Summary
The Board of Review reduced the assessed value of Willow Park (1001 Delafield St.) after accepting the owner's income-and-expense evidence and applying subsidized‑housing cap‑rate research.
The Waukesha Board of Review on July 11 reduced the 2025 assessed value for Willow Park Apartments (1001 Delafield Street) to $6,478,300 after hearing an income‑based valuation submitted by the property’s owner and counsel.
Owner counsel Sean Lovell presented the property’s actual 2024 income and expenses and referenced statewide subsidized‑housing sale data that produced a cap rate of about 8.06 percent. Lovell argued Wisconsin guidance and case law (cited in the Wisconsin Property Assessment Manual and Regency West precedent) direct assessors to use actual income and expenses when valuing subsidized housing.
City staff reviewed the same income material and applied a higher expense assumption and an adjusted cap rate in prior analysis; the board found the owner’s actual expense figures and the subsidized‑housing cap‑rate evidence persuasive. The board set land at $755,000 and improvements at $5,723,300 for a total assessed value of $6,478,300. The vote was unanimous.
The clerk will mail the board’s written decision and information on appeal rights.
