Wisconsin’s Real Estate Market Grew by 14 Percent

The Wisconsin Department of Revenue (DOR) released its annual Equalized Values Report. The report shows Wisconsin’s total statewide equalized property value as of January 1, 2022, was $745 billion, a 14% increase over the prior year, which is the largest increase since 1979. Growth occurred in all property classes and was led by residential and commercial property. Equalized values are based on data from January 1, 2021, to December 31, 2021.

Report highlights:

  • Change in equalized value = $90.6 billion, a 14% increase from 2021

o   $77.3 billion due to market value increases (12%)

o   $11.6 billion due to new construction (2%)

  • Menominee and Price Counties saw the largest increase at 31% and 19%, respectively
2022 Equalized Value Changes by Property Class
Classification Total 2022 Equalized Value Total Value Change Percent Change
Residential $538,421,848,300 $70,335,357,544 15%
Commercial $147,666,091,900 $17,187,266,826 13%
Manufacturing $17,860,400,000 $811,764,700 5%
Agricultural* $2,532,777,800 $144,554,600 6%
Undeveloped $2,256,894,100 $133,891,400 6%
Ag Forest $3,678,950,500 $288,573,400 9%
Forest $8,366,389,400 $637,716,800 8%
Other $14,140,599,000 $1,059,238,674 8%
Total Real Estate $734,923,951,000 $90,598,363,944 14%
Total Personal Property $10,237,588,100 $90,209,400 1%
Total Equalized Value $745,161,539,100 $90,688,573,344 14%

* Agricultural land value changes do not represent changes in market value; agricultural land values are based on the income that could be generated from its rental for agricultural use

Equalized values are calculated annually and used to ensure statewide fairness and equity in property tax distribution. The Equalized value represents an estimate of a taxation district’s total taxable value and provides for the fair apportionment of school district and county levies to each municipality. Changes in equalized value do not necessarily translate into a change in property taxes.

More information:

For background information on equalized values, review Wisconsin’s Equalized Values, and for additional information on property taxes, see Guide for Property Owners.

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