Appraisers and the assessor clash over comparables and methodology in downtown Kenosha appeals

A central thread of the July 24 Kenosha Board of Review hearing was a technical disagreement over comparable sales, market area and which appraisal tier applied to newly built downtown multifamily properties. Objector appraiser Andy Pitts said he relied on ten comparables across similar mid‑rise markets — drawing examples from downtown La Crosse, Green Bay and others — and concluded a $170,000 per‑unit value for the subject properties. "My conclusions are at a 170,000 per unit," Pitts told the board.

The assessor countered that the most reliable comps are newer sales in closer markets and that age and income streams matter; the assessor used a tighter set of three comparables, primarily in Milwaukee and Madison, and argued that unfamiliar out‑of‑market sales required larger adjustments. Board members pressed both witnesses on rent‑per‑square‑foot figures, cap rates and how to adjust for location. The board ultimately credited the object's appraisal evidence for Lake Terrace and Theater Terrace while noting the complexity of choosing comparables for downtown redevelopment properties. Both sides agreed that local market nuance — including walkability and proximity to employers — factors heavily in multifamily valuation.