The City of Waukesha's Board of Review convened on July 11, 2025, to discuss property valuation assessments, focusing on the income approach versus comparable sales analysis. The meeting highlighted a significant discrepancy between the taxpayer's valuation and the city's assessment.

During the session, a taxpayer presented an income expense analysis but did not provide comparable sales data, which raised questions among board members. The taxpayer's calculated per unit price was reported at $49,006.10, significantly lower than the city's valuation of $696,008.33. Board members noted the absence of a rent roll for the years 2023 to 2025, which could have supported the taxpayer's claims.

Concerns were also raised regarding the reliability of the taxpayer's capitalization rate, which was based on unverified sources. The board acknowledged that while the taxpayer's expenses appeared unusually high, they could not adjust the assessor's valuation without substantial evidence.

In contrast, the city assessor presented data from eight comparable properties that sold on December 11, 2024. These properties were grouped into two separate packages, with board members confirming the sales were conducted on the same date.

The meeting concluded with the board emphasizing the need for reliable evidence to support any adjustments to property valuations. The discussions underscored the complexities involved in property assessments and the importance of thorough documentation in the review process.