Wisconsin's total property values, including homes, farms and commercial properties, increased 13.8% in 2022, according to a new study.
Wisconsin's total property values, including homes, farms and commercial properties, increased 13.8% in 2022, according to a new study.
That was the largest increase in over 30 years.
Meanwhile, gross property tax levies approved in late 2021 for this year's local government budgets increased by 1.6% statewide.
That was far less than the rate of inflation and the smallest increase since 2014, according to new data released Tuesday by the Wisconsin Policy Forum.
With property values growth exceeding the growth in levies, property tax rates continued their long-running decline.
The statewide gross property tax rate fell from $19.60 per $1,000 of equalized property value to $18.64, a 4.9% decrease, according to the forum.
This was the largest drop since 2005 and the eighth consecutive year in which the state’s aggregate tax rate has declined.
Those findings come from the forum’s newly updated 2022 Property Values and Taxes Data Tool, which features data for all of Wisconsin’s 72 counties and 1,850 cities, villages and towns.
Other findings include:
• Statewide residential property values statewide increased 14.9%, the largest increase since at least 1985.
Residential values in the seven-county southeastern Wisconsin region increased 13.5%.
In Dane County, residential property values grew 14.5%.
• Commercial property values also saw record growth statewide, increasing 13.2%.
Commercial property values in southeastern Wisconsin grew 12.9%.
In Dane County, commercial property values increased 19.1%.
• In southeastern Wisconsin, overall equalized property values increased by 12.9%.
• Dane County overtook Milwaukee County to become the largest in the state in terms of property values.
However, Madison still trails Milwaukee in this measure. Milwaukee's total values grew 11.6% and Madison's values increased 17.2%.
• In southeastern Wisconsin, aggregate property tax levies increased by 1%.
In Dane County, the gross lax levy from all local governments grew by 2%.
The forum uses state data on property tax levies and tax rates approved for December 2021 tax bills, as well as updated property values as of Jan. 1, 2022 that will be used to calculate tax bills this coming December.
A forum report released last week said Milwaukee's finances are "closer than ever to a long-predicted day of reckoning."
Tom Daykin can be emailed at tdaykin@jrn.com and followed on Instagram, Twitter and Facebook.
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This article originally appeared on Milwaukee Journal Sentinel: Wisconsin's total property values increased 13.8% in 2022, study says
