The City of Manitowoc has reached a settlement agreement with Walmart over tax assessments.
City Attorney Eric Nycz tells SeehaferNews.com that the city’s assessor estimated the property’s value at $13.3 million for both 2023 and 2024.
The company objected to that, meaning they believed the property was worth less, and sued the city to try to reduce the amount.
Nitch describes, “Rather than go to trial, rather than pay for legal experts, rather than go through the whole rigmarole, the city and Walmart came to a settlement agreement whereby the city agrees that the property is fairly assessed at $12 million.”
According to city documents, Walmart will receive a total of over $21,000 for its 2023 refund and more than $23,000 for 2024.
Nitch says the city isn’t paying for all of it, as “The remainder of that comes from the school district, and the county, and the college.”
If the assessor again finds the property to be worth more than $12 million in 2025, there will be an opportunity to revise it down, and it will save the city money in the general fund.
More information about the settlement can be found on the city’s webpage at Manitowoc.org, dated August 18th.
