The owner of a contaminated property near the Milwaukee Bucks’ Fiserv Forum will have to pay real estate taxes because the site could generate income as a parking lot, the Wisconsin Supreme Court ruled in a divided opinion.
The court rejected the argument of property owner Ronald Collison that the property actually has no value whatsoever because it can’t be sold.
The city of Milwaukee wasn’t limited to applying an arms-length sale or sales comparison approach, Judge Ann Walsh Bradley said in the majority opinion.
By valuing the property as a parking lot using the income approach, the assessor considered ...
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