News of the Day August 17, 2018
Equalized Values Report Shows 4% Increase in Property Value

The Wisconsin Department of Revenue (DOR) released its annual Equalized Value Report. The report shows that Wisconsin’s total statewide equalized property value as of January 1, 2018, was $549 billion, a 4 percent increase over the prior year. Equalized Values are based on data from January 1, 2017 to January 1, 2018.

Wisconsin residential property was valued at $388 billion as of January 1, 2018, an increase of 5.1 percent, or $18.9 billion. The 5.1 percent increase marks the greatest one-year increase in residential values since 2007.

The DOR report also shows construction activity continues an upward trend. Wisconsin added $8.5 billion in new construction during 2017, including $4.2 billion in residential property,  $3.7 billion in commercial property, and $437 million in manufacturing property.

The DOR report indicates commercial property values are $109 billion, an increase of 6.8 percent or $7 billion. Manufacturing property is valued at $15 billion, an increase of 4.5 percent or $652 million from the prior year. Agricultural land is valued at $2 billion, an increase of 2.5 percent from a year earlier. Lastly, the value of personal property decreased by 27.3 percent, to $9.4 billion.

Equalized Values are calculated annually and used to ensure statewide fairness and equity in property tax distribution. The Equalized Value represents an estimate of a taxation district’s total taxable value, and provides for the fair apportionment of school district and county levies to each municipality. Changes in Equalized Value do not necessarily translate into a change in property taxes.