2017 - 2018 LEGISLATURE
SENATE AMENDMENT 1,
TO ASSEMBLY BILL 259
March 20, 2018 - Offered by Senators Ringhand, Miller, Shilling, Carpenter,
Bewley, Wirch, Hansen, Larson, L. Taylor, Schachtner, Johnson, Vinehout,
Erpenbach and Risser.
At the locations indicated, amend the bill
, as shown by assembly substitute 2
amendment 2, as follows:
70.32 (1b) of the statutes is created to read:
To determine the value of property using generally accepted 8
appraisal methods, the assessor shall consider all of the following as comparable to 9
the property being assessed:
1. Sales or rentals of properties exhibiting the same or a similar highest and 11
best use with placement in the same real estate market segment.
2. Sales or rentals of properties that are similar to the property being assessed 13
with regard to age, condition, use, type of construction, location, design, physical
features, and economic characteristics, including similarities in occupancy and the 2
the potential to generate rental income. For purposes of this subdivision, such 3
properties may be found locally, regionally, or nationally.
(b) For purposes of par. (a), a property is not comparable if any of the following 5
1. At or before the time of sale, the seller places any deed restriction on the 7
property that changes the highest and best use of the property, or prohibits 8
competition, so that it no longer qualifies as a comparable property under par. (a) 1. 9
or 2. and the property being assessed lacks such a restriction.
2. The property is dark property and the property being assessed is not dark 11
property. In this subdivision, “dark property” means property that is vacant or 12
unoccupied beyond the normal period for property in the same real estate market 13
segment. For purposes of this subdivision, what is considered vacant or unoccupied 14
beyond the normal period may vary depending on the property location.
(c) For purposes of par. (a), “highest and best use" means the specific use of the 16
property as of the current assessment date or a higher use for which the property may 17
be used as of the current assessment date, if the property is marketable for that use 18
and the use is legally permissible, physically possible, not highly speculative, and 19
financially feasible and provides the highest net return. When the current use of a 20
property is the highest and best use of that property, value in the current use equals 21
full market value. In this paragraph, “legally permissible” does not include a 22
conditional use that has not been granted as of the assessment date.
(d) For purposes of par. (a), “real estate market segment” means a pool of 24
potential buyers and sellers that typically buy or sell properties similar to the 25
property being assessed, including potential buyers who are investors or
owner-occupants. For purposes of this paragraph, and depending on the type of 2
property being assessed, the pool of potential buyers and sellers may be found locally, 3
regionally, nationally, or internationally.”.
The treatment of section 70.32 (1b) of the statutes first 6
applies to the property tax assessments as of January 1, 2018.”.