Yesterday, the Wisconsin Department of Revenue (DOR) released its annual Equalized Values Report. The report shows Wisconsin’s total statewide equalized property value as of January 1, 2022, was $745 billion, a 14% increase over the prior year, which is the largest increase since 1979. Growth occurred in all property classes and was led by residential and commercial property. Equalized values are based on data from January 1, 2021, to December 31, 2021.
Report highlights:
- Change in equalized value = $90.6 billion, a 14% increase from 2021
o $77.3 billion due to market value increases (12%)
o $11.6 billion due to new construction (2%)
- Menominee and Price Counties saw the largest increase at 31% and 19%, respectively
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.