The Sturgeon Bay Common Council gave final approval Tuesday to a settlement agreement with Walmart to lower the property assessment for the 2023 and 2024 tax years on the three parcels the company owns along Egg Harbor Road.
The agreement, which council members initially backed last month when they met in closed session, lowers the overall assessed value on the properties from $6.671 million to $6.3 million.
The Walmart Real Estate Business Trust, which objected to the assessment and sought a lower amount, will be receiving a property tax refund under the agreement of $6,873.02 for 2023, for which the city’s share is around $3,300.
Within 15 days of Walmart receiving the refund, the agreement calls for attorneys representing the parties to sign a dismissal of the civil complaint filed on behalf of the company in Door County Circuit Court.
Walmart’s properties will also be assessed for $6.3 million when property tax bills for 2024 come out later this year.