Equalized Values Report Shows Strong Increase
Wisconsin's Real Estate Market Grew by 13%
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, 2023, was $842 billion, a 13% increase over the prior year. This is the second consecutive year showing a double-digit statewide increase. Growth occurred in all property classes and was led by residential and manufacturing property. Equalized values are based on data from January 1, 2022, to December 31, 2022.
Report highlights:
- Change in equalized value = $98 billion, a 13% increase from 2022
- $83.1 billion due to market value increases (11%)
- $13.1 billion due to new construction (2%)
- Menominee and Taylor Counties saw the largest increase at 25% and 24%, respectively
| 2023 Equalized Value Changes by Property Class | |||
| Classification | Total 2023 Equalized Value | Total Value Change | Percent Change |
| Residential | $613,887,918,700 | $75,685,656,200 | 14% |
| Commercial | $163,744,112,500 | $16,423,251,600 | 11% |
| Manufacturing | $19,994,966,700 | $2,139,925,600 | 12% |
| Agricultural* | $2,801,541,200 | $268,763,400 | 11% |
| Undeveloped | $2,388,212,400 | $131,318,300 | 6% |
| Ag Forest | $4,016,214,600 | $337,264,100 | 9% |
| Forest | $9,028,928,700 | $662,539,300 | 8% |
| Other | $15,869,282,200 | $1,728,683,200 | 12% |
| Total Real Estate | $831,731,177,000 | $97,377,401,700 | 13% |
| Total Personal Property | $10,922,476,000 | $699,495,900 | 7% |
| Total Equalized Value | $842,653,653,000 | $98,076,897,600 | 13% |
* 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:
- Interactive data and statistics on equalized property values for certain years, locations, and classifications
- Equalized Values Reports
For background information on equalized values, review Wisconsin’s Equalized Values, and for additional information on property taxes, see Guide for Property Owners.
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
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