WAUKESHA - In the
nearly 13 years she has served Waukesha County, Treasurer Pamela
Reeves said, she has never had to seek a sales price reduction
on a tax-foreclosed property that failed to sell, either at
auction or on the open market.
On Monday, Reeves
asked the County Board Executive Committee to allow a 25 percent
reduction in the auction price of a Town of Lisbon farmhouse
located on an acre of land.
The 25 percent
could become a standard option for future properties that are
deteriorating and not selling, Reeves said. The policy applies
only to properties with buildings on them, she said.
going to go automatically reduce the price of a property that
hasn’t sold at auction,” Reeves said after the meeting. “It has
to have a special circumstance to get the reduction.”
she wants to avoid potential buyers delaying their purchases of
tax-foreclosed, county-owned properties to get 25 percent
acquires improved properties through tax foreclosures and
failure to sell them at auction or on the market at appraised
value had never happened until the Lisbon farmhouse, she said.
agreed to allow the 25 percent price reduction because the
farmhouse was not sold at auction last year and did not attract
a buyer this year through the open market. The property at
N95-W23251 County Road Q has an appraised value of $65,000. The
reduction cuts the asking price to $48,750.
was foreclosed on last year. Reeves said state law prevents her
from reducing the price on her own, but it can be done by the
county’s elected officials. Future cost reductions on other
distressed properties with buildings that haven’t sold must also
be approved by committee, she said.
for the farmhouse is meant to make the property more attractive
to potential buyers at a county auction scheduled for Dec. 13.
Reeves did not
say why the current property had not found a buyer. However,
Reeves told the committee that it was imperative the property be
sold this year or the home on it would likely deteriorate beyond
she suggested the 25 percent reduction at the urging of a county
tax committee made up of top county staffers.
the property, the county would recover $16,665, which includes
$11,443 in unpaid property taxes for 2008 through 2012, unpaid
interest and penalties of $3,728 and utility and upkeep charges