Despite housing slump, state’s property values rising

Residential property values in Wisconsin increased 6 percent, or $20.66 billion, during 2006, according to a report by the state Department of Revenue. That includes new construction. Excluding new construction, residential property values in the state increased by 4 percent, according to the Department of Revenue. "In the current market climate, we are very pleased to see Wisconsin is still growing at a moderate pace as a whole," said Department of Revenue Secretary Roger Ervin. "Unlike many states, Wisconsin’s property markets have not been subject to dramatic fluctuations in values, which is good for property taxpayers, local governments and the economy."

Commercial property values increased by 7 percent, or $6 billion, in 2006, and manufacturing property values increased by 3 percent, or $380 million. The increase for manufacturing property was double the 2005 increase, according to the Department of Revenue.

Commercial and manufacturing property also showed solid growth from new construction in 2006. Commercial property in the state had 4 percent growth, or $3.3 billion, due to new construction and manufacturing property also had 4 percent growth, or $423 million, due to new construction, according to the Department of Revenue.


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