Tax — property taxes

Listen to this article

Wisconsin Court of Appeals

Civil

Tax — property taxes

Where a property sold for more than its assessed value three years earlier, the taxpayer fails to overcome the presumption that the assessment is correct.

“Paul Ruby, the senior vice president of Bon Ton Department Stores, Inc., confirmed that $32.7 million was the amount Bonstores actually paid for the subject property and that Bonstores recorded that amount on the real estate transfer return it filed with the Milwaukee County Register of Deeds.  Ruby testified that the retail sales that a particular store generates are based significantly on the operations, the business aspect of a store.  He also testified that generally the only time Bon Ton would sell a single store is when the store is underperforming, with a long history of underperforming or losing money.  Ruby also testified that Bon Ton stores are currently paying rent at approximately five percent of retail sales, although his goal is to pay rent in the amount of two to three percent of retail sales.”

Affirmed.

Recommended for publication in the official reports.

2012AP1754 Bonstores Realty One, LLC, v. City of Wauwatosa

Dist. I, Milwaukee County, Wasielewski, J., Kessler, J.

Attorneys: For Appellant: Fleming, Matthew, Madison; For Respondent: Seibel, Amy R., Mequon; Braithwaite, Ryan, Milwaukee