Fiscal Note
The proposed resolution authorizes a $94,071.73 total tax refund pursuant to a settlement agreement and approves payment of approximately $37,127.47 from City resources to represent the City’s share of the settlement. The subject property is a 75-unit, with parking, multi-family housing complex located at 1216 Spring Street in the City of Madison. The City’s share of the refund will be paid through a reduction in property tax revenue budgeted in the 2019 Adopted Operating Budget.
Title
Authorizing the settlement and payment of a tax refund for tax year 2017 and 2018 for Capitol Spring., LLC v. City of Madison, Dane County Circuit Court Case number 2018 CV1716. Authorizing entry into settlement agreement with Capitol Spring, LLC for tax years 2017 and 2018 for a total refund of $94,071.73 and approving payment of approximately, $37,127.47 from City resources to represent the City’s share of the settlement.
Body
Background
The subject property is a multi-family apartment complex located at 1216 Spring Street in the City of Madison. The subject property was built in 2010 consisting of 75 units with parking. For 2017 the City valued the property at $16,471,000 and Capitol Spring filed an objection which was reduced by the Board of Assessors to $14,400,000. Capitol Spring continued their objection before the Board of Review alleging the property’s value was $8,546,900 based on similar properties in close proximity. The Board of Review sustained the City’s value at $14,400,000 for tax year 2017.
For tax year 2018 the City again valued the property at $14,400,000 and Capitol Spring objected. The Board of Assessors reduced the value to $14,200,000 and the Board of Review sustained that value. Capitol Springs subsequently brought suit in the Dane County Circuit Court for tax year 2017 case number 2018CV1716 and have recently amended their complaint to include tax year 2018. Based on more accurate building data of the subject property including uni...
Click here for full text