Trying to get a Municipality to lower taxes on anyhting is never easy. Theonly way to get it lowered would be to approach the city assessors office with the amount you purchase the house for, along with comparable homes in the area that have recently sold with lower values as well, and see if they are willing to lower the value on the home. Sometimes they are willing to adjust the value if you have a solid argument for lowering it, sometimes they wil not move. You never know what they will do until you approach them, but I know they never like to reduce the tax base.... more
Assessed values throughout the Milwaukee area (and beyond) have very little connection to what a property is worth to a Buyer. It is merely a way for the municipality to determine what the property is worth for taxing purposes.
I can only suggest that you have your Realtor provide you with comparable recent SOLD properties within the area of this home- Sold within the last 3-4 months. If there have been no recent solds, see what is pending. I know that there are quite a few homes that have no basements in the area, you can usually buy a basementless home for a little less than one with a basement- but you will get a little less when you sell also.
If the property meets your needs, and you are comfortable with it- by all means it is better than renting.
Depending on how motivated the Seller is (your agent may be able to find out a little more about that by talking with the listing agent) you may be able to buy it for a less- all depends on how many other people also see it as a good value. Again - your Realtor is your best source of information, hopefully you are working with them as a Buyer's Agent.
All the Best to you!... more