2009AP2775 Great Lakes Quick Lube LP vs. City of Milwaukee

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Tax
Property taxes; fair market value

Where there is no evidence that real estate transactions were sale-leasebacks, the transactions were admissible in determining the fair market value of the properties.

“As required by Wis. Stat. § 70.32(1), the City verified the arm’s-length nature of the transactions and considered recent sales of comparable properties. The sellers were unrelated to the buyers in each transaction and all were unrelated to Great Lakes. In addition, Great Lakes and CRIC, as parties to the Asset Purchase Agreement, promised ‘that [they] [would] not take a position … in any judicial proceeding that [was] inconsistent with the terms of’ the Allocation of Purchase Price in the Asset Purchase Agreement. (Emphasis added.) The Wisconsin Real Estate Transfer Returns, filed by CRIC, reported the sales price upon which the City relied, and made no claim that unusual financing was involved in any of the sales. Furthermore, in the lease agreements, Great Lakes specifically agreed they were ‘true lease[s]’ not something requiring ‘financing treatment,’ and that Great Lakes would ‘reflect the transactions represented by this Lease … consistent with “true lease” treatment rather than “financing” treatment.’ Great Lakes does not explain why its clear prior admissions of fact should be ignored.”

Affirmed.

Recommended for publication in the official reports.

2009AP2775 Great Lakes Quick Lube LP vs. City of Milwaukee

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

Attorneys: For Appellant: Marcuvitz, Alan , Milwaukee; Sager, Susan M., Milwaukee; For Respondent: Moschella, Vincent D., Milwaukee; Seibel, Amy R., Mequon

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