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Report shows rising Wisconsin property values

August 15, 2008

Business Journal Article 8/15/08

Wisconsin property values increased slightly from 2007, according to the Wisconsin Department of Revenue's Equalized Values Report released Friday.

State residential property values grew by 3 percent, or $10.09 billion, between Jan. 1, 2007, and Jan. 1, 2008.

The report shows that existing residential property grew in value by 1 percent, in line with the Office of Federal Housing Oversight (OFHEO) estimate of 1.8 percent growth in existing Wisconsin home values, excluding new construction. If the value of new construction is considered, the overall increase in residential value is 3 percent. The OFHEO also reported existing residential property values decreased .03 percent nationwide, positioning Wisconsin slightly ahead of the rest of the country.

"Wisconsin's real estate market has remained relatively stable, avoiding the extreme fluctuations of property values in other states," said Revenue Secretary Roger Ervin. "This slight growth in property values demonstrates the resiliency of our state's economy even as we face national economic challenges."

The report indicates that commercial and manufacturing property showed continued strong growth in new construction, with increases of 4 percent and 3 percent respectively due to new construction.

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