In Wisconsin, what is classified as a "class 3 property"?

In Wisconsin, "class 3 property" refers specifically to commercial properties that are primarily leased or rented out for profit. This classification is part of the state's property tax system, which categorizes properties into various classes to determine their taxation rates and assess their value for tax purposes.

Class 3 property encompasses facilities like office buildings, retail spaces, and warehouses, which are used for business activities and generating income through leases. The classification reflects the nature of these properties as being integral to the commercial real estate market, distinguishing them from residential or agricultural classifications.

The other types of properties mentioned are classified differently within the state’s property tax system. Residential properties fall under a different classification that acknowledges their use for living purposes. Agricultural lands also have their own classification that focuses on farming activities and supports the unique assessment methods needed for these properties. Government-owned properties are usually classified separately due to their non-profit nature and the exemptions they may qualify for under state law.