MADISON, WI – August 15, 2008 – (RealEstateRama) — Wisconsin property values increased slightly from 2007, according to the Wisconsin Department of Revenue’s Equalized Values Report released today. State residential property values grew by 3%, or $10.09 billion, between January 1, 2007 and January 1, 2008.
The report shows that existing residential property grew in value by 1%, in line with the Office of Federal Housing Oversight (OFHEO) estimate of 1.80% growth in existing Wisconsin home values, excluding new construction. If the value of new construction is considered, the overall increase in residential value is 3%. The OFHEO also reported existing residential property values decreased .03% nationwide, positioning Wisconsin slightly ahead of the rest of the country.
“Wisconsin’s real estate market has remained relatively stable, avoiding the extreme fluctuations of property values in other states,” said Revenue Secretary Roger M. Ervin. “This slight growth in property values demonstrates the resiliency of our state’s economy even as we face national economic challenges.”
The report indicates that commercial and manufacturing property showed continued strong growth in new construction, with increases of 4% and 3% respectively due to new construction. Commercial property had a total increase of $3.7 billion (4%) and manufacturing property had a total increase of $521 million (4%) over the previous year.
In addition, recreational and waterfront properties in many Wisconsin communities, often undeveloped land, continue to show growth. Undeveloped, Agricultural Forest and Forest lands have shown increased values overall by 6%, 8% and 4%, respectively.
This year’s growth increased Wisconsin’s total equalized property values to $514 billion, a 3% increase over the prior year.
Equalized values are calculated annually to ensure statewide fairness and equity in property tax distribution. An equalized value represents an estimate of a taxation district’s total taxable value, and provides for the fair apportionment of taxation district levies (including school districts and counties) to each municipality. Growth in equalized value does not necessarily translate into higher property taxes.
The Equalized Values Report is available at www.revenue.wi.gov:
- Changes in Equalized Values by Class of Property
- County Rankings – Growth in Equalized Values
- Changes in Equalized Values for Selected Cities
- History of Equalized Values (all property) since 1959
- Statement of Changes in Equalized Values (Report 2) – Full Report by County and
Contact: Jessica Iverson, 608-266-2300