Board of Review sustains assessor's valuation for JPMorgan Chase branch at 2402 E. Moreland
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Summary
After hearing an appraisal submitted by the property owner, the Waukesha Board of Review voted to uphold the assessor’s valuation for the Chase bank branch on East Moreland Boulevard.
An appraisal submitted on behalf of JPMorgan Chase was reviewed July 11, but the Waukesha City Board of Review concluded the assessor’s value for the bank branch at 2402 East Moreland should stand.
Legal counsel Kevin Hines presented an appraisal that used three approaches to value and concluded a lower market value (owner’s appraisal: $1,450,000). The assessor reviewed local comparables and raised questions about how the appraisal treated below‑grade (basement) square footage and the appraiser’s adjustments.
Board members examined the appraisal’s methodology, including whether basement area should be counted as gross building area and how that affects dollar‑per‑square‑foot comparables. With those questions unresolved and the assessor’s comparable sales supporting the roll value, the board voted to sustain the assessor’s valuation.
The decision was unanimous; the clerk will mail the formal determination and information on appeal rights.
