The City of Waukesha's Board of Review convened on July 11, 2025, to address a significant property assessment dispute involving a low-income housing development. The primary argument presented by the property owners centered on the claim that the county's assessment failed to account for existing land use restrictions, specifically those outlined in a land use restriction agreement.

During the meeting, the property owners detailed their valuation process, which utilized the actual income from 2024 and applied a market capitalization rate of 7%, resulting in a proposed property value of $4.8 million. They argued that the county's assessment relied on standard market conditions, neglecting the unique restrictions tied to the property, which is designated as low-income housing under Section 42 regulations.

The discussion highlighted the importance of these restrictions, as they directly impact the property's income potential. The property owners emphasized that the assessment should reflect these limitations to provide a fair valuation. The City Assessor sought clarification on the nature of the restrictions, confirming that both land use and rent restrictions were relevant to the case.

In total, the property consists of 60 units classified as low-income housing, which further complicates the assessment process. The Board of Review's decision will have implications for the property tax obligations of the owners and the overall valuation of similar properties in the area.

As the Board deliberates on this matter, the outcome will be closely watched by stakeholders in the Waukesha community, particularly those involved in affordable housing initiatives. The next steps will involve further review and potential adjustments to the property assessment based on the discussions held during this meeting.