Madison, Wisconsin (WMTV) – The Wisconsin Department of Revenue (DOR) announced Monday that equalized property values in Wisconsin saw their biggest gain in more than 40 years.
In its report, the DOR showed that Wisconsin-wide equalized property values are at $745 billion, up 14% from 2021. The increase, shown from Jan. 1 to Dec. 31, 2021, is the largest since 1979, he said, a DOR official said.
The DOR report showed growth across all property classes, but residential and commercial properties were by far the most.
This growth highlights a $90.6 billion change in levelized value from rising market values and new construction. Menominee and Price counties saw the biggest increases in market value, from 19% to 31%, respectively, according to DOR.
According to DOR, changes in value don’t necessarily mean changes in property taxes, but the levelized values are reported annually to promote fairness and impartiality in property tax information.
Learn more about the equalized value report here.
Copyright 2022 WMTV. all rights reserved.