Board reduces Ingleside Hotel assessment to $11.83 million
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Summary
After hearing testimony from Waukesha Hospitality and the city assessor, the Board of Review lowered the Ingleside Hotel assessment from roughly $18.17 million to $11.83 million, adopting the property owner’s income-based valuation.
The Waukesha Board of Review on July 11 concluded that the assessor’s 2025 valuation for the Ingleside Hotel at 2810 Golf Road should be reduced. The board set the property’s full assessed value at $11,826,800, down from the roll figure of $18,171,800.
Waukesha Hospitality’s COO and witness Steven Zenoni and counsel presented financial statements and an income‑based valuation that emphasized low 2024 occupancy, high operating expenses tied to the hotel’s full‑service amenities and water park, and the pandemic’s lingering effect on convention business. The owner’s appraisal and income approach produced an opinion of value around $11.8 million; the owner also shared marketing efforts and verbal offers the property received during listing.
City staff reviewed the property’s income indicators and concluded there were reasons to question some of the owner’s inputs, but the Board said the owner’s operating income and state-level subsidized cap-rate research supported a lower value. After deliberation the Board voted to lower the assessment by setting land at $9,698,600 and improvements at $2,128,200 for a total of $11,826,800.
Board members advised the property owner of the right to appeal the Board’s determination to the circuit court; the clerk will mail the formal determination.
The change reduces the owner’s assessed base for property tax purposes for 2025.
