70.11 (4d) BENEVOLENT RETIREMENT HOMES FOR THE AGED. Property that
is owned by a nonprofit entity that is a benevolent association and
used as a retirement home for the aged, but not exceeding 30 acres
of land necessary for the location and convenience of buildings,
while such property is not used for profit, if the fair market value
of the individual dwelling unit, as determined by the assessor for
the taxation district in which the property is located, is less than
130 percent of the average equalized value under s. 70.57 of
improved parcels of residential property located in the county in
which the retirement home for the aged is located in the previous
year, as determined by the assessor of the taxation district in
which the property is located based on the sum of the average per
parcel equalized value of residential land and the average per
parcel equalized value of residential improvements, as determined by
the department of revenue. For purposes of determining the fair
market value of an individual dwelling unit under this subsection,
the value of any common area is excluded. The common area of a
retirement home for the aged is exempt from general property taxes
if 50 percent or more of the home's individual dwelling units are
exempt from general property taxes under this subsection. If less
than 50 percent of the home' individual dwelling units are exempt
from general property taxes under this subsection, the common area
of the retirement home for the aged is subject to general property
taxes. Leasing a part of property used as a retirement home for the
aged, as described in this subsection, does not render it taxable,
regardless of how the leasehold income is used.