City revises Edgewater hotel assessment
Following a challenge from the Edgewater hotel over the city’s assessment of the property’s value earlier this year, the city’s Board of Assessors revised the assessed value of the hotel from $64.8 million to $17.1 million based on new income and expense information for 2015, according to the Wisconsin State Journal.
While still tops in the city among hotels in assessed value per room, the revised assessment is more closely in line with the Edgewater’s claims it should be valued closer to $16.4 million.
When the Edgewater partially opened last year it was initially valued at $23.8 million. That assessment was bumped upward to $64.8 million for 2015.
The downgrade in the Edgewater’s assessment reduces the hotel’s value from $321,000 to $87,800 per room.
The Edgewater’s owners could still choose to appeal the revised assessment even further, but for now the hotel will see a sizable drop in its property taxes.