Walmart’s Tax Appeal Blocked by Wisconsin ‘Dark Store’ Precedent

Walmart Inc. failed to convince the Wisconsin Court of Appeals that its store in the city of Berlin was overvalued and assessed differently from similar properties.

The decision reflects new challenges for big retailers asserting property tax claims since the state Supreme Court shot down Lowe’s Home Centers LLC’s “dark store” theory of property tax assessment in 2023. Under the theory, retailers argue their big box stores should be valued similarly to vacant or “distressed” locations because of the limited seller market for large stores.

Walmart said the circuit court mistakenly rejected the notion that the functioning retail store’s ...