Wisconsin's Residential Property Values Rose 2.5% in 2013
Sunday, August 17th, 2014 -- 9:28 AM
-Residential property values in Wisconsin rose 2.5% in 2013, reversing a five-year slide started by the mortgage crisis and 2008 collapse of the nation's housing market.According to the Milwaukee Journal, that double punch pushed the U.S. into its deepest economic recession since the Great Depression.
As evidence of many state communities climbing out of that hole, homes and other residences gained $8.1 billion in equalized value, to a total of $337 billion, between Jan. 1st, 2013 and Jan. 1st of this year, the state Department of Revenue said in a report released Friday. This was the first increase in residential values since 2008 and it is tied to increasing home prices.
Total statewide equalized property values climbed 2.6% from the year before, up to $479 billion, as construction activity continued to rebound, the report said.
New construction added $5.4 billion to total property values, with residential construction contributing $2.6 billion and commercial building adding $2.2 billion. This is the highest annual value of new residential construction since 2008, according to department officials.
However, changes in equalized value do not always yield changes in property taxes, state revenue officials said. As values rise or fall, taxing districts raise or lower tax rates to generate the tax levies they need for annual budgets in line with state caps on levy increases.
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