Property values in Wisconsin are seeing a slight increase.
Despite slumping home sales nationwide, Jessica Iverson with the state Department of Revenue says Wisconsin saw a small increase in residential property values last year. State values grew by about three-percent during 2007. Most of the increase was the result of new construction, with existing homes only increasing in value by about one-percent.
Still, Iverson says Wisconsin is doing better than many other states. Nationwide, existing property values decreased by about a half percent in 2007. Iverson says Wisconsin's growth shows that our economy has been able to remain somewhat resilient.
The lower numbers could mean trouble for local governments, which use the values to set property tax rates.