MONROE - Green and Lafayette counties, like almost all counties in Wisconsin, is seeing a reduction in equalized values.
Green County's equalized value is calculated at $2,594,787 for 2011, compared to $2,663,241 for 2010 - a decrease of $68,454, or about 2.5 percent, from 2010 to 2011.
For 2011, Lafayette County's equalized value stands at $995,584, compared to $1,011,975 in 2010. That's a decrease of $16,391, or about 1.6 percent, from 2010 to 2011.
Equalized values helps determine how much taxpayers will have to pay for state, municipal and school district taxes. When equalized values decline, the tax rate property owners pay increases.
In 2010, Green County residents paid $5.40 per $1,000 of assessed value. But in 2011, they'll pay $5.53 per $1,000 of assessed value.
Changes in equalized values can be caused by increases or decreases in market prices, annexation gains or losses, new construction, demolition of buildings and relocation of businesses.
Rhonda Hunter, Green County finance director, said the county's decline in equalized value is attributable to the sluggish economy overall. Property has declined in value since the economic downturn began in the fall of 2008.
Green County Treasurer Sherri Hawkins said equalized values are used by the state to help ensure taxes are shared equally. Assessors determine what property is worth, and each city, village and township has its own assessor. If assessors in each municipality determine property worth using different opinions, it can mean that one township could pay more than its share of taxes.
"One assessor might look at a property and assess it one way and another assessor could assess it a different way," Hawkins said. "Equalized value tries to eliminate that problem."
The state determines equalized value every year. That's different than assessments, which might not be done for a couple of years, Hawkins said.
According to the Wisconsin Department of Revenue (DOR), equalized value is the "estimated value of all taxable real and personal property.
"The equalized value is an estimate of the market value of all residential, commercial, manufacturing, productive forest, farm sites and farm buildings and personal property," the DOR said on its website.
The DOR uses sales, use value, property appraisal, local reports, and manufacturing class.
Green County's equalized value is calculated at $2,594,787 for 2011, compared to $2,663,241 for 2010 - a decrease of $68,454, or about 2.5 percent, from 2010 to 2011.
For 2011, Lafayette County's equalized value stands at $995,584, compared to $1,011,975 in 2010. That's a decrease of $16,391, or about 1.6 percent, from 2010 to 2011.
Equalized values helps determine how much taxpayers will have to pay for state, municipal and school district taxes. When equalized values decline, the tax rate property owners pay increases.
In 2010, Green County residents paid $5.40 per $1,000 of assessed value. But in 2011, they'll pay $5.53 per $1,000 of assessed value.
Changes in equalized values can be caused by increases or decreases in market prices, annexation gains or losses, new construction, demolition of buildings and relocation of businesses.
Rhonda Hunter, Green County finance director, said the county's decline in equalized value is attributable to the sluggish economy overall. Property has declined in value since the economic downturn began in the fall of 2008.
Green County Treasurer Sherri Hawkins said equalized values are used by the state to help ensure taxes are shared equally. Assessors determine what property is worth, and each city, village and township has its own assessor. If assessors in each municipality determine property worth using different opinions, it can mean that one township could pay more than its share of taxes.
"One assessor might look at a property and assess it one way and another assessor could assess it a different way," Hawkins said. "Equalized value tries to eliminate that problem."
The state determines equalized value every year. That's different than assessments, which might not be done for a couple of years, Hawkins said.
According to the Wisconsin Department of Revenue (DOR), equalized value is the "estimated value of all taxable real and personal property.
"The equalized value is an estimate of the market value of all residential, commercial, manufacturing, productive forest, farm sites and farm buildings and personal property," the DOR said on its website.
The DOR uses sales, use value, property appraisal, local reports, and manufacturing class.