MADISON — The Wisconsin Department of Revenue (DOR) released its annual Equalized Values Report. The report shows Wisconsin’s total statewide equalized property value as of Jan. 1 was $654 billion, a 7% increase over the prior year; growth occurred in all property classifications. Equalized values are based on data from Jan. 1, 2020 to Jan. 1, 2021.

Report highlights: 

●  Change in Equalized Value - $41.6 billion, a 7% increase from 2020 

●  $31.1 billion due to market value increases (5%) 

●  $10.1 billion due to new construction (2%) 

●  Menominee and Rock Counties saw the largest increase at 11%

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.

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