Michael Pitts, a state certified real estate appraiser, testified on behalf of Whitecaps. This method relies on the number of square feet in a given lot which is then multiplied by a price per square foot. Both Vita's and Pitts' approaches to land valuation are recognized as proper. The Board accepted Kenosha county's assessments as they related to the partially constructed homes and accepted the assessor's valuation of the outlots. Circuit court review affirmed the Board's actions.
Whitecaps now appeals.
In determining whether a valuation has been made upon the statutory basis, a court adheres to a number of principles. If there is conflicting testimony concerning the value of the property, the court will not substitute its opinion for that of the board. The valuation must be upheld if there is credible evidence before the board which in any reasonable view supports the valuation. We begin our analysis with the method of land valuation utilized for the platted and improved lots. We initially direct our attention to the means of valuing the lots themselves.