Translation:There is a wise owl living in the tall tree.
I agree, although I would change the order to "A wise owl lives in the tall tree". To be honest, I really dislike all these fake-subject-sentences starting with "There is ...". I would much prefer if the sentences were active, like the Finnish ones. Why make them passive without reason to do so? If this is really anti-English, I would like to know, and to know why.