Board trims assessment for Highland South at 1505 Big Bend to $4.8 million
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Summary
The Board of Review reduced the assessment for Highland South (1505 Big Bend Road) after the property owner presented an income-based argument tied to land‑use restrictions for low‑income housing; the board set the total assessed value at $4.8 million.
The Waukesha City Board of Review voted July 11 to lower the assessed value of Highland South (1505 Big Bend Road) to $4,800,000, finding the property owner’s income-based analysis persuasive.
Agent Matthew Sellers told the board the property is subject to a land-use restriction (Section 42 / low‑income housing) and presented an income-capitalization analysis that used the property’s actual 2024 income and a 7 percent market cap. The assessor’s office said it had not been aware of the subsidy restrictions before the objection packet; assessors said had they known they would have taken an income approach earlier.
After deliberation the board made an explicit finding that comparable general-market sales were not an appropriate primary measure given the property’s rent restrictions and the owner-supplied income statement. The board set land at $696,600 and improvements at $4,103,400 for a total assessed value of $4,800,000 (100% level of assessment). The vote was unanimous.
The board will mail the written findings to the property owner. Sellers asked for notice and indicated he would accept the mailed determination rather than remain on the call.
