Total property values in Wisconsin grew by a record 13.8% in 2022, according to a
Wisconsin Policy Forum report.
But property values rose even faster in Dane County, which now has a higher total property value than Milwaukee County, according to the report.
Total 2022 equalized property values in Dane County, which includes the state capital of Madison and the University of Wisconsin’s flagship campus, are at more than $88.7 billion, up from 15.4% from 2021. Property values in Milwaukee County, which has the highest population of Wisconsin’s 72 counties, are at $87 billion, up 12.6% from a year ago, a slower property value growth rate than the state as a whole.
Property values in the city of Madison have surged 17.2% in the last year (the most since 1985), to $38.6 billion. The city of Milwaukee still has a higher total equalized property value than Madison, at $39.4 billion, but only grew 11.6% in the last year.
In the seven-county southeast Wisconsin region, overall equalized property values increased by 12.9%, the most for the region in the available data going back to 1985, according to the report. Every county in the region experienced a double-digit increase in total property values, led by Walworth County at 15.8%.
Total 2022 equalized values:
- Dane County, $88,733,525,000, +15.4%
- Milwaukee County, $87,033,713,500, +12.6%
- Waukesha County, $75,406,493,900, +13.1%
- City of Milwaukee, $39,448,239,000, +11.6%
- City of Madison, $38,606,699,100, +17.2%
- Kenosha County, $22,228,331,000, +12.6%
- Racine County, $21,791,712,500, +11.3%
- Walworth County, $21,006,243,800, +15.8%
- Washington County, $20,790,695,300, +13.7%
- Ozaukee County, $15,979,054,000, +11.8%
- Sheboygan County, $12,748,615,300, +10.6%
Residential property values statewide were up 14.9%, the largest increase since at least 1985. Residential values in southeast Wisconsin increased at a slightly lower rate of 13.5%, but also achieved the highest growth rate since at least 1985.
Commercial property also saw record growth in values statewide, increasing 13.2% in 2022. Commercial property values in southeast Wisconsin grew 12.9% in 2022, the ninth straight year with an increase.
Gross property tax levies approved in late 2021 (for 2022 local government budgets) increased by 1.6% statewide. That was far less than the rate of inflation and the smallest increase since 2014.
In southeast Wisconsin, aggregate property tax levies increased by 1.0%, less than the state average and well below the rate of inflation.
The current rate of inflation in the United States is 8.26% for the 12 months ending on Aug 31.
