Wisconsin Department of Revenue Releases Annual Equalized Value Report
Wednesday, October 30th, 2019 -- 8:36 AM
(Wisconsin Ag Connection) -The Wisconsin Department of Revenue has released its annual equalized value report.The yearly summary notes that the state's total equalized property value as of January 1 was $571 billion, a six percent increase over the prior year. Equalized values are based on data from January 1, 2018 to January 1, 2019. The agency says residential properties were valued at $412 billion as of the first of the year, an increase of six percent, or $23.9 billion. This marks the sixth consecutive year of positive gains in residential home values. Agricultural land was valued at $2.2 billion, an increase of three percent from a year earlier. The DOR says agricultural land value changes do not represent changes in market value because farm land values are based on the income that could be generated from its rental for agricultural use. Agricultural forest and forest property classes had an increase of four percent and two percent, respectively.
Meanwhile, property tax rates have decreased in Wisconsin for a fifth straight year. DOR officials explain that the growth in values are exceeding the growth in levies, which is causing tax rates to fall by 2.7 percent this year over all. Equalized values are calculated annually and used to ensure statewide fairness and equity in property tax distribution. The measurement represents an estimate of a taxation district's total taxable value, and provides for the fair apportionment of school districts and county levies to each municipality.
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