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Pewaukee Board of Review sustains $2.3 million assessment for Peterson Drive lakefront property
Summary
After cross-examination of an independent appraisal and extended debate over whether a June 2022 sale was "recent," the Board found the sale supported the assessment and sustained a $2.3 million taxable value for the Peterson Drive property.
The Pewaukee Board of Review voted to sustain the assessor’s valuation for a lakefront home at West 267 North 2937 Peterson Drive after hearing competing evidence from the property owner’s appraiser and the city’s assessor.
Attorney Kirsten Hildebrandt, representing owners Carl and Corey Hutchinson (Tapestry Trust), told the board the clients paid $2.3 million for the property in June 2022 and that the purchase appeared to be an outlier; she said the Hutchinsons believed they had "over‑purchased by about $500,000" and submitted a restricted appraisal and a homeowner opinion of value of $1.94 million.
Independent appraiser Felix Castro, who conducted an exterior inspection and a sales‑comparison appraisal dated to 01/01/2025, testified he used three lakefront sales weighted 30%/50%/15% and produced a weighted opinion of value of $2,000,000.
Assessor Rhett Tuff told the Board the assessor’s office initially set a 2025 assessed value at $2,717,700 but reduced it to the 2022 sale price of $2,300,000 after reviewing the transaction. Tuff emphasized the Markarian evidence hierarchy under Wisconsin law, saying a recent arm’s‑length sale of the subject is the strongest evidence of market value. He also pointed to market indicators such as days on market to support the assessor’s analysis.
Board members engaged in extended questioning about whether a June 2022 sale remained "recent" under Department of Revenue guidance (discussion of the statutory term "several years"), time adjustments used in mass appraisal and whether COVID‑era purchases reflected inflated prices. The parties disagreed about which evidence should carry greater weight: the appraiser’s more recent comparables or the subject sale held at $2.3 million.
After deliberation the Board found that the sale of the subject property was a recent arm’s‑length transaction and supported the assessment; the board recorded the sale and taxable value at $2.3 million and carried the motion to sustain the assessor’s valuation by roll call vote. Members recorded affirmative votes including Miss Robinson, Mister Farley and Mister Golubowski.
The Board also accepted technical clarifications on recordkeeping (correcting a mis‑entered sale date on paperwork) during the hearing.
