MONROE - Net new construction in Green County made up almost 1 percent of the 2013 equalized property values, according to figures released in August by the Wisconsin Department of Revenue.
Net new construction is the value amount of new construction reduced by any demolition or destruction of buildings and by any corrections to the prior year.
Municipalities and counties use net new construction values as a factor in determining their levy limits and general fund expenditures for the coming year. Usually an increase in net new construction translates into an allowable increase in the amount of taxes a municipality can levy.
Green County's total equalized value was about $2.61 billion as of January 1, 2014, with net new construction contributing about $24.60 million, or 0.94 percent.
Before value adjustments, Green County as a whole saw about $10.3 million in new residential construction, $6.2 million in new commercial construction and $6 million in new manufacturing construction. About $3.5 million was in farm improvements.
Greatest amounts of NNC
About $11.20 million of the county's net new construction value, or 45.55 percent of it, was located in just three municipalities. The City of Monroe built up $4.43 million; the Village of New Glarus gained $3.57 million; and the Town of Jordan garnered $3.20 million.
The towns of Exeter, New Glarus and York and the Village of Monticello each had more than $1 million in net new construction in 2013.
The City of Brodhead missed the million dollar mark by about $10,500.
The remaining towns in Green County had between $130,000 and $850,500 in net new construction.
The Village of Albany had just $34,000 of net new construction, and the Village of Browntown saw a net loss of about $11,000.
Percentage matters
When calculating their maximum allowable levy limits for taxes to be collected the next year, municipalities use the percentage of net new construction to the beginning equalized value of the same year. Municipalities will use these values, reported in 2014, when planning their levy amounts for their 2015 budgets.
Net new construction percentages ranged from a negative 0.1 percent in Browntown to 5.45 percent in the Town of Jordan during the year 2013.
Of its $3.2 million in new construction, Jordan had a total of $2.77 million of manufacturing improvements. Jordan Town Clerk Billie Reynolds identified Klondike Cheese Company as the property owner making the largest impact on the township's increased value in 2013.
The second highest percentage of net new construction in the county was 2.33 percent for the Village of New Glarus. Of its $3.6 million net new construction, the village saw $2.4 million in manufacturing improvements, $1.2 million in commercial improvements and $110,000 in residential improvements.
The Village of Monticello came in third for highest percentage in the county, with 1.84 percent. Of its $1.21 million net new construction, commercial improvements made up $1.18 million.
Because of its large, total property value of about $642 million, the City of Monroe's net new construction of $4.4 million last year represented only 0.69 percent of its equalized value as reported for 2013. The city had $2.5 million in new commercial construction and $1.8 million in new residential construction. New manufacturing construction was only $219,000.
The Town of Exeter had $1.3 million in net new construction, nearly all in new residential construction, which was 0.92 percent of its total equalized value of $177.2 million.
The portion of the City of Brodhead that lies in Green County had $989,500 of net new construction, or 0.64 percent of its total $153.8 million of equalized value. The city saw about $277,000 in new residential and $759,000 in new commercial construction.
In the Town of York, net new construction, mostly in residential, totaled $1.4 million, representing 1.67 percent of the town's $85.6 million of equalized value. The Town of New Glarus had $1.5 million of net new construction, all in residential, which is 1.12 percent of its $137.1 million of equalized value.
Under the frozen levy limit increases imposed by the state, net new construction allows for more tax revenue to be levied by the municipality. Increased values in net new construction also means owners of that newly improved property will be paying more.
Net new construction is the value amount of new construction reduced by any demolition or destruction of buildings and by any corrections to the prior year.
Municipalities and counties use net new construction values as a factor in determining their levy limits and general fund expenditures for the coming year. Usually an increase in net new construction translates into an allowable increase in the amount of taxes a municipality can levy.
Green County's total equalized value was about $2.61 billion as of January 1, 2014, with net new construction contributing about $24.60 million, or 0.94 percent.
Before value adjustments, Green County as a whole saw about $10.3 million in new residential construction, $6.2 million in new commercial construction and $6 million in new manufacturing construction. About $3.5 million was in farm improvements.
Greatest amounts of NNC
About $11.20 million of the county's net new construction value, or 45.55 percent of it, was located in just three municipalities. The City of Monroe built up $4.43 million; the Village of New Glarus gained $3.57 million; and the Town of Jordan garnered $3.20 million.
The towns of Exeter, New Glarus and York and the Village of Monticello each had more than $1 million in net new construction in 2013.
The City of Brodhead missed the million dollar mark by about $10,500.
The remaining towns in Green County had between $130,000 and $850,500 in net new construction.
The Village of Albany had just $34,000 of net new construction, and the Village of Browntown saw a net loss of about $11,000.
Percentage matters
When calculating their maximum allowable levy limits for taxes to be collected the next year, municipalities use the percentage of net new construction to the beginning equalized value of the same year. Municipalities will use these values, reported in 2014, when planning their levy amounts for their 2015 budgets.
Net new construction percentages ranged from a negative 0.1 percent in Browntown to 5.45 percent in the Town of Jordan during the year 2013.
Of its $3.2 million in new construction, Jordan had a total of $2.77 million of manufacturing improvements. Jordan Town Clerk Billie Reynolds identified Klondike Cheese Company as the property owner making the largest impact on the township's increased value in 2013.
The second highest percentage of net new construction in the county was 2.33 percent for the Village of New Glarus. Of its $3.6 million net new construction, the village saw $2.4 million in manufacturing improvements, $1.2 million in commercial improvements and $110,000 in residential improvements.
The Village of Monticello came in third for highest percentage in the county, with 1.84 percent. Of its $1.21 million net new construction, commercial improvements made up $1.18 million.
Because of its large, total property value of about $642 million, the City of Monroe's net new construction of $4.4 million last year represented only 0.69 percent of its equalized value as reported for 2013. The city had $2.5 million in new commercial construction and $1.8 million in new residential construction. New manufacturing construction was only $219,000.
The Town of Exeter had $1.3 million in net new construction, nearly all in new residential construction, which was 0.92 percent of its total equalized value of $177.2 million.
The portion of the City of Brodhead that lies in Green County had $989,500 of net new construction, or 0.64 percent of its total $153.8 million of equalized value. The city saw about $277,000 in new residential and $759,000 in new commercial construction.
In the Town of York, net new construction, mostly in residential, totaled $1.4 million, representing 1.67 percent of the town's $85.6 million of equalized value. The Town of New Glarus had $1.5 million of net new construction, all in residential, which is 1.12 percent of its $137.1 million of equalized value.
Under the frozen levy limit increases imposed by the state, net new construction allows for more tax revenue to be levied by the municipality. Increased values in net new construction also means owners of that newly improved property will be paying more.