Wisconsin property values are down 3.2 percent for 2012, according to preliminary state figures. It marks the fourth consecutive year of decline.
All property categories – with the exception of manufacturing and personal property – fell. Residential values declined 4 percent, after falling 1.6 percent last year.
WISTAX researchers have found that about $2 billion in new residential construction was more than offset by a $15.3 billion erosion in the value of existing homes. Commercial property, the second-largest category behind residential, dropped 1.5 percent, slightly less than the 2.3 percent decline last year.
Forest (-4.6 percent), undeveloped land (-4.2 percent), and farmland (-2.6 percent) were also lower.
Manufacturing values were more encouraging, rising 1.1 percent to $12.7 billion in 2012. Personal property, often business furnishings, showed a 0.3 percent gain.
Vilas County data
According to data provided by Vilas County officials from the Wisconsin Department of Revenue, total equalized value of both real estate and personal property ($6,999,368,600) in the county this past year fell $351,50,300 – 4.78 percent.
In 2011, the total equalized value of both real estate and personal property in the Vilas County stood at $7,344,418,900.
In 2012, real estate alone in the county was valued at $6,937,950,000, 4.75 percent down from the $7,284,103,100 value posted in 2011.
In 2012 the value of personal property alone in Vilas County was calculated at $55,418,600, which was down 8.12 percent from the $60,315,800 in 2011.
According to the Department of Revenue report, the only local government to see an overall increase in the equalized value of both personal property and real estate was the town of St. Germain.
The overall equalized value of both in the town in 2012 rose 2.32 percent from 2011. The value of real estate rose by $16,652,100 from $631,064,000 in 2011 to $647,716,000 in 2012. The value of personal property in the town of St. Germain, however, fell 31.77 percent in 2012 from $5,839,300 to $3,984,400.
The only other town in Vilas County that saw its real estate value rise in 2012 was Cloverland where it rose .58 percent from $241,348,100 in 2011 to $242,759,600. The town’s overall equalized value also increased by .58 percent from $241,383,100 in 2011 to $242,759,600 – an increase of about $1.4 million.
Other Vilas County towns, city
Data for the other towns in Vilas County includes:
• Arbor Vitae’s 2012 equalized value fell to $530,686,500 from $552,030,600 in 2011 or by 3.87 percent.
• Boulder Junction fell to $532,827,600 from $567,214,500 in 2011 or by 6.06 percent.
• Conover’s overall equalized value fell to $389,128,500 in 2012 from $413,078,900 in 2011 or by 5.80 percent.
• In Lac du Flambeau the town’s total equalized value fell to $900,466,900 in 2012 from $959,370,800 in 2011 or by 6.14 percent.
• Land O’ Lakes fell to $483,691,000 in 2012 from $484,953,600 in 2011 or by .26 percent.
• The town of Lincoln’s equalized property value fell in 2012 to $514,250,800 from $535,568,500 in 2011 or by 3.98 percent.
• In Manitowish Waters the equalized value in 2012 fell to $534,615,600 from $589,203,700 in 2011 or by 9.26 percent.
• Phelps’s 2012 equalized value in 2012 fell to $414,324,700 from $428,218,200 in 2011 or by 3.24 percent.
• In Plum Lake the 2012 equalized value fell to $275,659,300 from $286,273,700 in 2011 or by 3.71 percent.
• Presque Isle’s 2012 equalized property value fell to $610,304,700 from $652,397,300 in 2011 or by 6.45 percent.
• In the town of Washington the 2012 equalized value stands at $473,574,700. That’s down from $519,609,060 in 2011 or by 8.86 percent.
• In the town of Winchester the 2012 equalized value stands at $283,087,090. That’s down from $311,201,00 in 2011 or 9.03 percent.
• The city of Eagle River’s 2012 equalized property value fell to $156,257,300 from $167,012,100 in 2011 or by 6.44 percent.
Oneida and other counties
According to the report, Oneida County also saw a drop in its 2012 equalized property value to $6,721,573,000 from $6,860,385,400 or 3.4 percent.
Only seven of 72 counties had increased values, with Trempealeau (1.6 percent) and La Crosse (1.2 percent) counties leading the way. Of the seven, all but Florence were in western Wisconsin.
Many of the counties with the largest drops in valuation were in the southeast. Kenosha County was down 7.7 percent, while neighboring Walworth (-6.4 percent) and Racine (-6.1 percent) also had significant losses. The state’s largest county, Milwaukee, decreased 5.4 percent.
Property values in the northwest also displayed weakness. Barron, Burnett, St. Croix, and Sawyer counties all fell more than 5 percent.
Joe VanDeLaarschot may be reached at firstname.lastname@example.org.