Board cuts Lake Terrace assessment to $11.56 million after appraisal evidence

The Kenosha Board of Review voted July 24 to lower the assessment for Lake Terrace (parcel 12‑223‑31‑486‑011) to $11,560,000 following sworn appraisal testimony and a contested hearing. Objector counsel presented an appraisal by Andy Pitts that concluded a $170,000 per‑unit valuation and a market value of $11,560,000 as of Jan. 1, 2026; the board concluded the property owner had presented sufficient evidence to rebut the assessor's presumption of correctness and adopted the owner's figure.

Appraiser Andy Pitts described a sales‑comparison approach using ten comparable properties in similar mid‑rise markets and testified the building (68 units, 97% leased as of Jan. 1) supported a $170,000 per‑unit conclusion. He summarized: "My conclusions are at a 170,000 per unit," and walked the board through rents, unit mix and comparable sales. Assessing staff countered with a narrower set of newer comparables from Milwaukee and Madison and raised questions about market geography and rent comparability. After deliberation, the board moved, on statutory authority and by roll call, to find the assessor's valuation incorrect and to set the total assessed value at $11,560,000 (land $442,000; improvements $11,118,000). The clerk recorded the motion and the roll call (four ayes). The notice of determination will be provided to the taxpayer's agent.