Wisconsin's real estate market grew by 6 percent

News Graphic Staff

Aug. 27, 2019

MADISON ó The Wisconsin Department of Revenue released its annual Equalized Values Report. The report shows that Wisconsin's total statewide equalized property value as of Jan. 1 was $580 billion, a 6 percent increase over the prior year; growth occurred in all property classifications.

Equalized values are based on data from Jan. 1, 2018, to Jan. 1, 2019. It is worth noting, 2019 is the first year that all counties have positive changes in equalized values since 2007, according to the report.

Highlights from this year's report include:

■ Change in equalized value = $31.4 billion, a 6 percent increase from 2018

■ $22.6 billion due to market value increases (4 percent)

■ $8.8 billion due to new construction (2 percent)

■ Menominee and St. Croix counties saw the largest increase at 10 percent

■ South central and southeast Wisconsin counties are showing strong and consistent gains ranging from 5 percent in Waukesha County to 8 percent in Dane County Equalized Values are calculated annually and used to ensure statewide fairness and equity in property tax distribution, according to the report. The equalized value represents an estimate of a taxation districtís 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.

For background information on equalized values, go to https://bit.ly/2MoGYnL or and for additional information on property taxes, go to https://bit.ly/2Hthh3i.