DOR: Wisconsin Property Values Reaches New Highs
Wisconsin Ag Connection - 08/16/2017
The Wisconsin Department of Revenue has released its annual Equalized Value Report, which puts total statewide equalized property value at $526 billion as of January 1. That's an increase of four percent over the prior year.
Wisconsin residential property was valued at $369 billion, up 4.3 percent for the year. It marks the fourth consecutive year of positive gains in residential home values.
The DOR report also shows construction activity continues an upward trend. Wisconsin added $8.1 billion in new construction during 2016, including $3.6 billion in residential property, $3.8 billion in commercial property, and $389 million in manufacturing
property. In total, new construction value increased by 13.6 percent from the prior year.
Agricultural land was valued at $2 billion, an increase of 1.3 percent from a year earlier. The agency notes that agricultural land value changes do not represent changes in market value, as farmland values are based on the income that could be generated from its
rental for agricultural use. Agricultural forest property was up 1.9 percent, while other forest values fell slightly.
Equalized Values are calculated annually and used to ensure statewide fairness and equity in property tax distribution.