Getting my property taxes lowered in downtown MKE? (Milwaukee, Bradley: bank owned, comparable sales)

[LiveMike78]

Has anybody successfully appealed or gotten their property taxes lowered to reflect the diminishing property values on here?

I bought a cool little studio condo in 53203 (walkable to Bradley Center, right on the river) in 2006 for $145,000. Now judging from comparables it's probably worth only $80,000. My Milwaukee property tax is still at 2006 levels and I find that punitive and even more demoralizing than my already bad investment.

I called the assessor for my district and while he seemed like a reasonable chap, he said there's really not much I can do until April when I'd file an appeal when they once again fail to offer me relief on their own accord.

Should I look into getting a real estate attorney in MKE? Does anybody have any advice to maximize the likelihood of me getting this property tax lowered to the fair current property value rate? Or would that merely antagonize the office and maybe I should try on my own at first?

[Jesse276]

Originally Posted by LiveMike78

Has anybody successfully appealed or gotten their property taxes lowered to reflect the diminishing property values on here?

I bought a cool little studio condo in 53203 (walkable to Bradley Center, right on the river) in 2006 for $145,000. Now judging from comparables it's probably worth only $80,000. My Milwaukee property tax is still at 2006 levels and I find that punitive and even more demoralizing than my already bad investment.

I called the assessor for my district and while he seemed like a reasonable chap, he said there's really not much I can do until April when I'd file an appeal when they once again fail to offer me relief on their own accord.

Should I look into getting a real estate attorney in MKE? Does anybody have any advice to maximize the likelihood of me getting this property tax lowered to the fair current property value rate? Or would that merely antagonize the office and maybe I should try on my own at first?

I haven't challenged my assessment, but I'm pretty sure you're out of luck for this year. There are tight deadlines on when you can contest that are state regulated.

I would gear up for a challenge for next year. Bring comparable sales (unfairly or not, they don't consider foreclosures) and any other reason why your property isn't what they have listed.

Good Luck

[mrs.cool]

Not in Milwaukee, we're about 45 miles west, but I can't help but post this. We just got our re-assessment "due to market adjustments" and it went UP $30,000!!!! Have they not noticed what "the market" has been up to lately????? or should I say "down" to.

[LiveMike78]

Originally Posted by Jesse276

I haven't challenged my assessment, but I'm pretty sure you're out of luck for this year. There are tight deadlines on when you can contest that are state regulated.

I would gear up for a challenge for next year. Bring comparable sales (unfairly or not, they don't consider foreclosures) and any other reason why your property isn't what they have listed.

Good Luck

Thanks for the responses to the both of you.

What about this - there's a unit in the SAME BUILDING that is bank owned - a brilliant unit that at its peak 5 years ago would have sold for close to $400,000 and now could be had for under $150,000. The downside is the huge taxes attached to it - over $6000 per year.

What are the odds of getting MKE city property taxes on a FORECLOSURE reduced? It seems like that would be a no-brainer.

Any advice would be appreciated - I really love this building and I think that "doubling down" on my investment in the building would pay off in the long run (rather than just sitting pat on my unit that will take at least 15 years to recoup its value).

[Jesse276]

Originally Posted by LiveMike78

What are the odds of getting MKE city property taxes on a FORECLOSURE reduced? It seems like that would be a no-brainer.

That's the catch, they don't look at the foreclosure as a "arm's length" transaction, so even if you save money on the purchase price... you'll pay full price taxes. That's unless there's been a recent transaction (not a foreclosure) for a similar unit that was for less.

I have a condo in Downtown Milwaukee too, my assessment was dropped significantly after I bought in 2008. I caught a property just before it hit foreclosure, so they had to count it and my taxes were adjusted accordingly. My wife and I just bought a house on the east side and it was a foreclosure... so we're stuck with the taxes too unless a comparable neighbor sells for a low price.