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.