Equalized property values in Wisconsin dipped for a third year in a row in 2010. New figures released by the state Department of Revenue says Wisconsin homes, businesses and other properties had a value of $487 billion last year, down about 1.8-percent from 2009. DOR spokeswoman Stephanie Marquis says the numbers largely reflect national averages and are a sign that the market in Wisconsin is relatively stable right now.
Residential properties were down by about 1.6-percent, while forest land saw the largest drop of just over 5.3-percent. Marquis says most of those match what’s been going on at the national level.
Equalized values are used to calculate fairness in how property taxes are distributed. The numbers do not reflect individual assessments, but rather the totals in value reported to the state by each municipality in the state.