70.32 AnnotationIt is clear from the Property Assessment Manual that assessors should consider many market factors from a variety of sources when gathering and applying comparable sales information. Even sales prices of similar properties need some adjustment in order to arrive at an estimate of value for a different property. Joyce v. Town of Tainter, 2000 WI App 15, 232 Wis. 2d 349, 606 N.W.2d 284, 99-0324. 70.32 AnnotationAn assessor cannot be free to choose between the mortgage subsidy rate and the mortgage market rate when using the income approach to valuing federally subsidized housing. If the use of a market rate was proper in City of Bloomer, 2002 WI App 252, the use of a subsidized interest rate cannot be. Mineral Point Valley Ltd. Partnership v. City of Mineral Point Board of Review, 2004 WI App 158, 275 Wis. 2d 784, 686 N.W.2d 697, 03-1857. 70.32 AnnotationA property tax assessment of retail property leased at above-market rent values should be based on market rents and not on the above-market rental terms of the actual lease. Walgreen Co. v. City of Madison, 2008 WI 80, 311 Wis. 2d 158, 752 N.W.2d 687, 06-1859. 70.32 AnnotationWhen an assessor only after looking at prevailing market conditions and all variables determined that the market for lakefront property had grown so strong that factors other than beach length and beach quality were being ignored by the marketplace, the approach was not formulaic and was not in violation of Campbell, 210 Wis. 2d 239 (1997). Anic v. Board of Review, 2008 WI App 71, 311 Wis. 2d 701, 751 N.W.2d 870, 07-0761. 70.32 AnnotationAn assessment based on a Department of Revenue analysis of the sale of a mining company that owned the land was not based upon a recent arm’s-length sale of the property. A value derived by analyzing a complex corporate transaction involving the sale of a variety of assets, tangible and intangible, independent and interdependent, is not equivalent to the price obtained in a sale of one component of that transaction. Forest County Potawatomi Community v. Township of Lincoln, 2008 WI App 156, 314 Wis. 2d 363, 761 N.W.2d 31, 07-2523. 70.32 AnnotationThe Property Assessment Manual and case law set forth a three-tier system for determining the fair market value of property. A recent arm’s-length sale of the property is the best evidence of value and is the basis for an assessment under tier one. If there has been no recent sale, an assessor must consider sales of reasonably comparable properties, which is the tier two approach. In the absence of comparable sales data, the assessor determines the value under tier three, which permits consideration of all the factors collectively that have a bearing on value of the property in order to determine its fair market value. Nestle USA, Inc. v. DOR, 2009 WI App 159, 322 Wis. 2d 156, 776 N.W.2d 589, 08-0322. 70.32 AnnotationAbsent sufficient proof that no market existed for a property having a specialized use, an assessment under the tier two comparable sales approach based on an expanded definition of highest and best use to include a use for which a market exists would be contrary to sub. (1). The taxpayer has the burden of proving the absence of a market for the property with its current specialized use. That there were no known sales of properties put to that special use merely suggests that such properties are rarely bought and sold. It does not necessarily indicate that the taxpayer would be unable to find a buyer who intended to maintain the property as its current use. Nestle USA, Inc. v. DOR, 2009 WI App 159, 322 Wis. 2d 156, 776 N.W.2d 589, 08-0322. 70.32 AnnotationWhen there are no sales of the property itself or of reasonably comparable properties, an assessment cannot be made under a tier one or tier two methodology. The assessment is then made using a tier three methodology. The cost of replacement approach is the preferred tier three method of valuation when, as here, the property has a highly specialized use resulting in there being no comparable properties. Nestle USA, Inc. v. DOR, 2009 WI App 159, 322 Wis. 2d 156, 776 N.W.2d 589, 08-0322. 70.32 AnnotationIn situations when it has been determined that there is no potential market for the subject property, it is contrary to sub. (1) to conclude that the highest and best use of the property should remain the same. That was not the case when there was at least a limited market for powdered infant formula production facilities. Nestle USA, Inc. v. DOR, 2011 WI 4, 331 Wis. 2d 256, 795 N.W.2d 46, 08-0322. 70.32 AnnotationReassessing one property at a significantly higher rate than comparable properties using a different methodology and then declining to reassess the comparable properties by that methodology violates the uniformity clause. U.S. Oil Co. v. City of Milwaukee, 2011 WI App 4, 331 Wis. 2d 407, 794 N.W.2d 904, 09-2260. 70.32 AnnotationComparing a taxpayer’s appraised value to lower values assigned to a relatively small number of other properties has long been rejected as a claimed violation of the uniformity clause. Lack of uniformity must be established by showing a general undervaluation of properties within a district when the subject property has been assessed at full market value. Great Lakes Quick Lube, LP v. City of Milwaukee, 2011 WI App 7, 331 Wis. 2d 137, 794 N.W.2d 510, 09-2775. 70.32 AnnotationA property’s assessed value is based on fair market value, but a property’s assessed value is not necessarily equal to its fair market value. Assessors must base assessments of real property on the property’s fair market value. However, as the plain language of the Property Assessment Manual makes clear, a property’s fair market value is not synonymous with its assessed value. In most cases, individual property assessments are different than the property’s fair market value. State ex rel. Stupar River LLC v. Town of Linwood Board of Review, 2011 WI 82, 336 Wis. 2d 562, 800 N.W.2d 468, 09-0191. 70.32 AnnotationThe taxpayer challenging an assessment and classification has the burden of proving at the board hearing that the assessment and classification of property are erroneous; that the taxpayer did not meet the burden of proof; and that the board’s determination to maintain the assessment is supported by a reasonable view of the evidence. Sausen v. Town of Black Creek Board of Review, 2014 WI 9, 352 Wis. 2d 576, 843 N.W.2d 39, 10-3015. 70.32 AnnotationExcept for sub. (2) (c) 3., every subdivision of sub. (2) (c) uses the verb “means” instead of “includes” when defining a property classification. “Means” clearly limits the classes of property defined in those subdivisions to the specific types of property described therein. If the legislature intended the residential class to be restricted to the type of property described in sub. (2) (c) 3., it would have used the verb “means” instead of “includes.” Aside from the property specifically described in sub. (2) (c) 3., any other property included in the residential class must fall within the ordinary meaning of the term “residential.” West Capitol, Inc. v. Village of Sister Bay, 2014 WI App 52, 354 Wis. 2d 130, 848 N.W.2d 875, 13-1458. 70.32 AnnotationNothing in s. 70.10 requires a property to be classified based on its actual use or prevents an assessor from considering a property’s most likely use. An owner’s subjective expression of intent is not dispositive of a property’s most likely use. The Property Assessment Manual directs assessors to consider whether the property owner’s actions are consistent with an intent for residential use, but that is only one of seven factors the manual directs assessors to consider. West Capitol, Inc. v. Village of Sister Bay, 2014 WI App 52, 354 Wis. 2d 130, 848 N.W.2d 875, 13-1458. 70.32 AnnotationA property need not be zoned residential in order to be classified as residential for property tax purposes, as long as residential use is likely to be allowed. West Capitol, Inc. v. Village of Sister Bay, 2014 WI App 52, 354 Wis. 2d 130, 848 N.W.2d 875, 13-1458. 70.32 AnnotationUnder sub. (2) (c) 4., land is nonproductive when it is neither producing nor capable of productive use. Property that is capable of productive use is not nonproductive and not entitled to the 50-percent assessment reduction under sub. (4). West Capitol, Inc. v. Village of Sister Bay, 2014 WI App 52, 354 Wis. 2d 130, 848 N.W.2d 875, 13-1458. 70.32 AnnotationAn appraiser must not value federally regulated housing as if it were market-rate property. Doing so causes the assessor to pretend that the subject property is not hindered by federal restrictions. The restrictions and underlying agreements implicit in federally regulated housing will affect the property’s value. Regency West Apartments LLC v. City of Racine, 2016 WI 99, 372 Wis. 2d 282, 888 N.W.2d 611, 14-2947. 70.32 AnnotationBecause of the difficulty in appraising subsidized properties under other appraisal methods, the income approach may be the best determiner of value. The Property Assessment Manual does not preclude appraisers from relying solely on the income approach when valuing subsidized properties. Metropolitan Holding, 173 Wis. 2d 626 (1993), unambiguously requires assessors to use income and expenses for the subject property when valuing subsidized housing under the income approach. Regency West Apartments LLC v. City of Racine, 2016 WI 99, 372 Wis. 2d 282, 888 N.W.2d 611, 14-2947. 70.32 AnnotationSub. (1) requires assessors to value property based on “the best information that the assessor can practicably obtain.” In this case, projected expenses and income for the newly opened property were available to the assessor. When the assessor calculated the net operating income for an income-based valuation through mass appraisal techniques that were not particularized to the assessed property, the assessment did not comply with sub. (1) because it did not use the “best information” that was available. Regency West Apartments LLC v. City of Racine, 2016 WI 99, 372 Wis. 2d 282, 888 N.W.2d 611, 14-2947. 70.32 AnnotationIn addition to calculating a net operating income (NOI) for the subject property, an income-based valuation requires determining the applicable capitalization rate. The capitalization rate expresses the rate of return an investor would expect to receive from an investment in the subject property. The value of a subject property is determined by dividing its NOI by the applicable capitalization rate. Capitalization rates from the marketplace are usually derived from the sale of market-rate projects. Such capitalization rates do not reflect the unique characteristics of subsidized housing. Regency West Apartments LLC v. City of Racine, 2016 WI 99, 372 Wis. 2d 282, 888 N.W.2d 611, 14-2947. 70.32 AnnotationIf there are no reasonably comparable properties, the comparable sales approach cannot be used. The Property Assessment Manual explicitly states that when subsidized properties are reasonably comparable, properties being compared must have restrictions similar to the subject property. To determine if properties have similar restrictions, an appraiser must examine the specific restrictions that apply to each property, as well as the differences between these restrictions. Regency West Apartments LLC v. City of Racine, 2016 WI 99, 372 Wis. 2d 282, 888 N.W.2d 611, 14-2947. 70.32 AnnotationSub. (1) explicitly directs that property be assessed in the manner specified in the Property Assessment Manual “from actual view or from the best information that the assessor can practicably obtain.” The manual provides that commercial property can be valued by either single property or mass appraisal techniques. The manual makes clear that mass appraisal is accepted at the initial assessment stage and sets forth when a single property appraisal is necessary after the initial mass appraisal has been challenged by the taxpayer or if the property being valued is a special-purpose property that does not lend itself well to mass appraisal. The express language of the manual indicates that mass appraisal is a proper method of valuation in all other circumstances. Metropolitan Associates v. City of Milwaukee, 2018 WI 4, 379 Wis. 2d 141, 905 N.W.2d 784, 16-0021. 70.32 AnnotationUnder the inextricably intertwined test, the income-generating capability of the oil terminals was inextricably intertwined with the land and was thus transferable to future purchasers of the land. Therefore, that income was included in the land’s assessment because it appertained to the land. Marathon Petroleum Co. v. City of Milwaukee, 2018 WI App 22, 381 Wis. 2d 180, 912 N.W.2d 117, 16-0939. 70.32 AnnotationClassification of real property for tax purposes is based on the actual use of the property. Although an injunction, contract, or ordinance may be presented to argue how the property is supposed to be used, none can be the decisive factor for tax assessment purposes. Thoma v. Village of Slinger, 2018 WI 45, 381 Wis. 2d 311, 912 N.W.2d 56, 15-1970. 70.32 AnnotationUsing a property only for maintaining ground cover does not fall within the statutory definition of agricultural use. When the property owner adamantly denied any farming took place at all on the land and insisted that the property owner was maintaining ground cover only, the property owner failed to present any evidence that the use qualified as agricultural for tax assessment purposes. Thoma v. Village of Slinger, 2018 WI 45, 381 Wis. 2d 311, 912 N.W.2d 56, 15-1970. 70.32 AnnotationA business purpose is not required in order for land to be classified as agricultural land for property tax purposes. The relevant statutes and rules refer to “growing” the relevant crops, not marketing, selling, or profiting from them. State ex rel. Peter Ogden Family Trust of 2008 v. Board of Review, 2019 WI 23, 385 Wis. 2d 676, 923 N.W.2d 837, 17-0516. 70.32 AnnotationThe income approach, which seeks to capture the amount of income a property will generate over its useful life, fits under the umbrella of tier three analysis. State ex rel. Collison v. City of Milwaukee Board of Review, 2021 WI 48, 397 Wis. 2d 246, 960 N.W.2d 1, 18-0669. 70.32 AnnotationSub. (1m) requires that an assessor consider the impairment of the value of property due to contamination. In this case, the assessor determined that, given the property’s location and taking into account the presence of contamination, the highest and best use in its current state was a parking lot. By utilizing the income approach to value the property according to its highest and best use as a parking lot, the assessor properly considered the impairment of the value of the property due to contamination in arriving at a valuation pursuant to sub. (1m). The property owner argued that, because the property was contaminated, the owner could not sell it, and that accordingly the assessed value should be zero dollars. However, the assessment recognized that the highest and best use of the property as a parking lot had value to the owner even if the cost to cure environmental problems exceeded the value of the property. State ex rel. Collison v. City of Milwaukee Board of Review, 2021 WI 48, 397 Wis. 2d 246, 960 N.W.2d 1, 18-0669. 70.32 AnnotationSome agricultural use—even if it is the only “use” the land is put to—does not mean the land is “devoted primarily to agricultural use.” “Devoted primarily” is the key phrase here. Being “devoted” to something means to be given over to and committed to that thing, and “primarily” means chiefly or mainly. As a matter of plain English, an agricultural classification is only proper if the land is chiefly given over to agricultural use. State ex rel. Nudo Holdings, LLC v. Board of Review, 2022 WI 17, 401 Wis. 2d 27, 972 N.W.2d 544, 19-1618. 70.32 AnnotationFuture planned residential development is a permissible basis on which to rest a residential classification. State ex rel. Nudo Holdings, LLC v. Board of Review, 2022 WI 17, 401 Wis. 2d 27, 972 N.W.2d 544, 19-1618. 70.32 AnnotationThe Property Assessment Manual counsels against using dark properties as comparables to properties that are not similarly dark in the context of a tier two sales comparison analysis. The comparability of vacant properties to occupied properties exists along a continuum depending upon how long the property has been vacant as compared to the normal exposure time for a property of that type in the same geographic area. The manual urges assessors to use caution in utilizing such comparables, as the economics underlying a vacancy may be indicative of a meaningful difference in the circumstances of the properties. Lowe’s Home Centers, LLC v. City of Delavan, 2023 WI 8, 405 Wis. 2d 616, 985 N.W.2d 69, 19-1987. 70.32 AnnotationWalgreen Co., 2008 WI 80, does not stand for the blanket proposition that occupancy or vacancy has no role to play in valuation. Many factors inform the value of land, including the land’s viability to house a business. Generally, a site that can sustain a business is more valuable than one that cannot. Further, a dark property is more likely to have characteristics that would make it less valuable than a property that was on the market for a shorter period of time. Real estate must be valued at its highest and best use. Lowe’s Home Centers, LLC v. City of Delavan, 2023 WI 8, 405 Wis. 2d 616, 985 N.W.2d 69, 19-1987. 70.32 AnnotationTo account for vacancy under the income approach for a brand new building that is in the process of lease-up, anticipated leases are financial factors affecting the current value of the property and are properly considered. The reasonable anticipation of additional leases occurring in the lease-up period is a factor that is applicable on January 1, even if the leases themselves are not signed until after that date. Veritas Village, LLC v. City of Madison, 2023 WI App 56, 409 Wis. 2d 572, 998 N.W.2d 506, 22-0507. 70.32 AnnotationTaxation of Undeveloped Real Property in Wisconsin. Hack & Sullivan. WBB Feb. 1974.
70.32370.323 Assessment of divided parcel. 70.323(1)(a)(a) If a parcel of real property is divided, the owner of a divided parcel may request a valuation of the divided parcels. A request shall be in writing and submitted to the treasurer of the taxation district in which the property is located. If the taxation district treasurer is in possession of the tax roll, the treasurer shall make the requested valuation. If the tax roll has been returned under s. 74.43, the taxation district treasurer shall forward the request to the county treasurer, who shall make the requested valuation. 70.323(1)(b)(b) The appropriate treasurer shall, with the assistance of the assessor of the taxation district, attribute to each new parcel its value for the year of division. The value of each new parcel shall represent a reasonable apportionment of the valuation of the original undivided parcel, and the total of the new valuations shall equal the valuation of the original undivided parcel on January 1 of that year. The value of a new parcel as determined under this subsection is the value of that property for purposes of s. 70.32 for the year of division. 70.323(2)(2) Appeal. A determination under sub. (1) may be appealed by bringing an action in circuit court within 60 days after the determination is made. The court shall determine whether the value determined under sub. (1) represents a reasonable apportionment of the valuation of the original undivided parcel on January 1 of that year. If the court determines that the value does not represent a reasonable apportionment, the court shall redetermine the parcels’ values, the total of which shall equal the valuation of the original undivided parcel on January 1 of that year. 70.323(3)(3) Lien extinguished. Payment of all real estate taxes based on the value determined under sub. (1) or (2) extinguishes the lien against the parcel created under s. 70.01. 70.323(4)(4) Cooperation of assessor. The assessor of the taxation district shall assist the treasurer of the taxation district or of the county under sub. (1). 70.323(5)(5) Not applicable where written agreement. This section does not apply if there is a written agreement providing for the payment of real property taxes on the divided parcels in the year of division. 70.323 HistoryHistory: 1987 a. 378. 70.32770.327 Valuation and assessment of property with contaminated wells. In determining the market value of real property with a contaminated well or water system, the assessor shall take into consideration the time and expense necessary to repair or replace the well or private water system in calculating the diminution of the market value of real property attributable to the contamination. 70.327 HistoryHistory: 1983 a. 410; 1995 a. 378. 70.33770.337 Tax exemption reports. 70.337(1)(1) By March 31 of each even-numbered year, the owner of each parcel of property that is exempt under s. 70.11 shall file with the clerk of the taxation district in which the property is located a form containing the following information: 70.337(1)(a)(a) The name and address of the owner of the property and, if applicable, the type of organization that owns the property. 70.337(1)(b)(b) The legal description and parcel number of the property as shown on the assessment roll. 70.337(1)(d)(d) A description of any improvements on the land. 70.337(1)(e)(e) A statement indicating whether or not any portion of the property was leased to another person during the preceding 2 years. If the property was leased, the statement shall identify the portion of the property that was leased, identify the lessee and describe the ways in which the lease payments were used by the owner of the property. 70.337(1)(f)(f) The owner’s estimate of the fair market value of the property on January 1 of the even-numbered year. The owner shall provide this estimate by marking one of a number of value ranges provided on the form prepared under sub. (2). The assessor for the taxation district within which the property is located may review the owner’s estimate of the fair market value of the property and adjust it if necessary to reflect the correct fair market value. 70.337(2)(2) By July 1 of each even-numbered year, the clerk of each taxation district shall complete and deliver to the department of revenue a form on which the clerk estimates the value of tax-exempt property, classified by type of owner, within the taxation district. 70.337(3)(3) The department of revenue shall prescribe the contents of the form for reporting the information required under sub. (1), including the categories of value of property that the department of revenue determines will result in the best estimate of the value of tax-exempt property in this state. The department of revenue shall also prescribe the contents of the form under sub. (2). The form under sub. (2) shall provide for estimates of the value of tax-exempt property in the taxation district that is owned by various categories of owners, including property that is owned by the benevolent and educational associations; fraternal and labor organizations; nonprofit hospitals; private colleges; and churches and religious associations. The forms under subs. (1) and (2) shall be prepared and distributed under s. 70.09 (3). 70.337(4)(4) The department of revenue shall tabulate data from the forms received under sub. (2) and prepare an estimate of the value of tax-exempt property in this state by category of owner. The department shall include this information in the summary of tax exemption devices prepared under s. 16.425 (3). 70.337(5)(5) Each person that is required to file a report under sub. (1) shall pay a reasonable fee that is sufficient to defray the costs to the taxation district of distributing and reviewing the forms under sub. (1) and of preparing the form for the department of revenue under sub. (2). The amount of the fee shall be established by the governing body of the taxation district. This subsection does not apply to a church that is required to file a report under sub. (1). 70.337(6)(6) If the form under sub. (1) is not received by March 31 of the even-numbered year, the taxation district clerk shall send the owner of the property a notice, by certified mail, stating that the property for which the form is required will be appraised at the owner’s expense if a completed form is not received by the taxation district clerk within 30 days after the notice is sent. If the completed form is not received by the taxation district clerk within 30 days after the notice is sent, the property shall be appraised either by the taxation district assessor or by a person hired by the taxation district to conduct the appraisal. 70.337(7)(7) This section does not apply to property that is exempt under s. 70.11 (1), (2), (13), (13m), (15), (15m), (21) or (30), property that is exempt under s. 70.11 (18) if a payment in lieu of taxes is made for that property, lake beds owned by the state, state forests under s. 28.03 or 28.035, county forests under s. 28.10, property acquired by the department of transportation under s. 85.08 or 85.09 or highways, as defined in s. 340.01 (22). 70.33970.339 Reporting requirements. 70.339(1)(1) By March 15 each person that owns property that is exempt under s. 70.11, except s. 70.11 (1) and (2), and that was used in the most recently ended taxable year in a trade or business for which the owner of the property was subject to taxation under sections 511 to 515 of the internal revenue code, as defined in s. 71.22 (4m), shall file with the clerk of the taxation district in which the property is located a statement containing the following information: 70.339(1)(a)(a) The name, address and telephone number of the owner of the property. 70.339(1)(b)(b) The name, address and telephone number of a person who can be contacted concerning the use of the property in a trade or business. 70.339(1)(c)(c) A general description of the activities engaged in to conduct the trade or business. 70.339(1)(d)(d) The location and a description of the property that is used in the trade or business including, if applicable, the specific portion of a building that is used to conduct the trade or business. 70.339(2)(2) The format and distribution of statements under this section shall be governed by s. 70.09 (3). 70.339(3)(3) If the statement required under this section is not received by the due date, the taxation district clerk shall send the owner of the property a notice, by certified mail, stating that failure to file a statement is subject to the penalties under sub. (4). 70.339(4)(4) A person who fails to file a statement within 30 days after notification under sub. (3) shall forfeit $10 for each succeeding day on which the form is not received by the taxation district clerk, but not more than $500. 70.339 HistoryHistory: 1991 a. 39, 269. 70.3470.34 Personalty. For assessments made before January 1, 2024, all articles of personal property shall, as far as practicable, be valued by the assessor upon actual view at their true cash value; and after arriving at the total valuation of all articles of personal property which the assessor shall be able to discover as belonging to any person, if the assessor has reason to believe that such person has other personal property or any other thing of value liable to taxation, the assessor shall add to such aggregate valuation of personal property an amount which, in the assessor’s judgment, will render such aggregate valuation a just and equitable valuation of all the personal property liable to taxation belonging to such person. In carrying out the duties imposed on the assessor by this section, the assessor shall act in the manner specified in the Wisconsin property assessment manual provided under s. 73.03 (2a). 70.34 Annotation“True cash value” is not a figure that can be determined by bargaining with the taxpayer, and such an agreement would be void. The unsupported statement of the taxpayer has no probative value. State ex rel. Berg Equipment Corp. v. Town of Spencer Board of Review, 53 Wis. 2d 233, 191 N.W.2d 892 (1971). 70.34 AnnotationWhen there are no actual sales, cost, depreciation, replacement value, income, industrial conditions, location and occupancy, sales of like property, book value, insurance carried, value asserted in a prospectus, and appraisals are all relevant to determination of market value for assessment purposes. State ex rel. Mitchell Aero, Inc. v. Board of Review, 74 Wis. 2d 268, 246 N.W.2d 521 (1976). 70.34 AnnotationA market data or sales approach was proper when 94 percent of machines were leased and only six percent were sold. An income capitalization approach has been used only when no sales exist. Xerox Corp. v. DOR, 114 Wis. 2d 522, 339 N.W.2d 357 (Ct. App. 1983). 70.34 NoteNOTE: The above annotations relate to personal property taxation under this chapter prior to the sunset of the personal property tax under 2023 Wis. Act 12. 70.34570.345 Legislative intent; department of revenue to supply information. For assessments made before January 1, 2024, the assessor shall exercise particular care so that personal property as a class on the assessment rolls bears the same relation to statutory value as real property as a class. To assist the assessor in determining the true relationship between real estate and personal property the department of revenue shall make available to local assessors information including figures indicating the relationship between personal property and real property on the last assessment rolls. 70.345 HistoryHistory: 2023 a. 12. 70.3570.35 Taxpayer examined under oath or to submit return. 70.35(1)(1) For assessments made before January 1, 2024, to determine the amount and value of any personal property for which any person, firm, or corporation should be assessed, any assessor may examine such person or the managing agent or officer of any firm or corporation under oath as to all such items of personal property, the taxable value thereof as defined in s. 70.34 if the property is taxable. In the alternative the assessor may require such person, firm, or corporation to submit a return of such personal property and of the taxable value thereof. There shall be annexed to such return the declaration of such person or of the managing agent or officer of such firm or corporation that the statements therein contained are true. 70.35(2)(2) For assessments made before January 1, 2024, the return shall be made and all the information therein requested given by such person on a form prescribed by the assessor with the approval of the department of revenue which shall provide suitable schedules for such information bearing on value as the department deems necessary to enable the assessor to determine the true cash value of the taxable personal property that is owned or in the possession of such person on January 1 as provided in s. 70.10. The return may contain methods of deriving assessable values from book values and for the conversion of book values to present values, and a statement as to the accounting method used. No person shall be required to take detailed physical inventory for the purpose of making the return required by this section. 70.35(3)(3) For assessments made before January 1, 2024, each return shall be filed with the assessor on or before March 1 of the year in which the assessment provided by s. 70.10 is made. The assessor, for good cause, may allow a reasonable extension of time for filing the return. All returns filed under this section shall be the confidential records of the assessor’s office, except that the returns shall be available for use before the board of review as provided in this chapter. No return required under this section is controlling on the assessor in any respect in the assessment of any property. 70.35(4)(4) For assessments made before January 1, 2024, any person, firm or corporation who refuses to so testify or who fails, neglects or refuses to make and file the return of personal property required by this section shall be denied any right of abatement by the board of review on account of the assessment of such personal property unless such person, firm, or corporation shall make such return to such board of review together with a statement of the reasons for the failure to make and file the return in the manner and form required by this section.
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Chs. 70-79, Taxation
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