Wisconsin’s 13.1% increase in total equalized property values in 2023 was the second-largest percentage increase since at least 1985, topped only by slightly higher growth in 2022, according to a recent press release from the Wisconsin Policy Forum.
This is among the key statewide findings from the Forum’s newly updated 2023 Property Values and Taxes DataTool, which features data for all of Wisconsin’s 72 counties and 1,850 cities, villages, and towns. It is the latest in a series of Forum interactive tools meant to provide all Wisconsinites with relevant facts about their schools, local governments, and state and regional economy.
It uses state data on December 2022 property tax levies and tax rates adopted for 2023 budgets, as well as updated property values as of Jan. 1, 2023 that will be used to calculate tax bills this coming December. It also includes findings on key property value and tax trends for southeast Wisconsin and Dane County.
Key findings from the tool include:
- In Dane County, total equalized property values grew by 11.6%. This was below the state average and last year’s increase of 15.4%, but still the second-largest increase since 1995.
- Residential property values for the state of Wisconsin grew 14% in 2023. Residential values in southeast Wisconsin increased 12.7%, while in Dane County, residential property value grew 12.4%. In each of these areas, it was the second-largest percentage increase on record behind the year prior (2022).
- Manufacturing property values increased 12% statewide in 2023. This was the largest increase since at least 1985 and more than twice any percentage increase since 2001.
- Commercial property in the state also achieved near-record growth in 2023, increasing 10.9%. Commercial property values in southeast Wisconsin grew 9.8% in 2023, compared to the 2022 increase of 12.9%. In Dane County, commercial property values increased 10.8%, though that was down from last year’s increase of 19.1%.
Click here to access the 2023 Property Values and Taxes DataTool.
