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, 2024, was $907 billion, an 8% increase over the prior year. Growth occurred in all property classes and was led by residential and commercial property. Equalized values are based on data from January 1, 2023, to December 31, 2023.
Report highlights:
• Change in equalized value = $75 billion, an 8% increase from 2023
o $59.3 billion due to market value increases (7%)
o $14 billion due to new construction (2%)
• Oconto County saw the largest increase at 16% followed by Lafayette and Pepin both at 14%.
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.