Equalized Values Report shows four percent increase in property value

18 Oct 2018


Dunn

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 Jan. 1, was $549 billion, a 4 percent increase over the prior year. Equalized Values are based on data from Jan. 1, 2017 to Jan. 1, 2018.

Wisconsin residential property was valued at $388 billion, 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 (agricultural land value changes do not represent changes in market value; agricultural land values are based on the income that could be generated from its rental for agricultural use).

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