Board of Review 05/22/2025 (No Audio)

The City of Eau Claire Board of Review met on May 22, 2025, to consider property assessment appeals. For Canary Trail Residences 2 LLC’s affordable housing property at 1700 Oxford Avenue, the owner challenged the $3,492,600 assessment, citing 2024 audited operating figures and an income-based valuation of about $1.87 million using a 7.5% capitalization rate. The assessor defended the assessment, citing its income analysis, a 6% cap rate, and comparable market information. The board voted to sustain the assessment. A separate appeal item was postponed indefinitely after the board was advised that the revised valuation was already included in the assessment roll; that motion was approved by roll-call vote. No procurement activity was identified.