NEWSThu, Jun 24Wisconsin Supreme Court rules on condo project taxationIn a case closely watched by the real estate industry, the Wisconsin Supreme Court has ruled that developers are responsible for paying property taxes on land where they intend to build condominiums. The case revolves around a nationwide phenomenon linked to the recession: the crush of partially completed condominium projects. At issue was who should cover the property tax bill for the unfinished parts of such projects, or whether there should even be one at all. The court's 7-0 ruling that developers are responsible for taxes on condos that are legally approved but not built means the tax burden won't be shifted to other residents who live in those developments. It also means municipalities can assess taxes on land that could be held for years before condos are constructed. |
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