Equalized Values Fall in St. Croix County and Region

On August 15th, the Wisconsin Department of Revenue (DOR) released 2012 equalized values for the counties and municipalities across the state. Equalized values in St. Croix County and across the Greater St. Croix Valley (St. Croix, Pierce, Polk, and Dunn counties) followed the same declining trend that started in 2008, reflecting lower values on homes, farms, and businesses. St. Croix’s 2012 equalized values dropped $404.72 million, or six percent, from 2011 values ($7.3356 billion to $6.9309 billion). Since 2008, equalized values in St. Croix have declined $1.8075 billion, or 20.68 percent ($8.7384 billion to $6.9309 billion).

Equalized values in Wisconsin declined three percent for 2012, or a drop of $15.7717 billion from 2011 ($486.8642 billion to $471.0925 billion). Equalized values for manufacturing properties in Wisconsin saw a one percent increase because of new manufacturing construction. Residential properties across the state dropped four percent because sales were still down in this market. The decrease in residential property values drove the state’s overall decline of three percent in equalized values.

In the Greater St. Croix Valley, declines in equalized values ranged from two percent in Polk County (a decline of $58.218 million) to four percent in Dunn (a decline of $103.633 million). Pierce County’s equalized values declined three percent (a loss of $80.572 million).

Since 2008 equalized values in Pierce County have declined 17.7 percent (or $565.4 million). Values in Dunn County have declined 8.5 percent (or $239.5 million) since 2008. Values in Polk County have dropped 37.5 percent (or $1.9 billion) since 2008.

According to the DOR, equalized values are used to apportion, or assign, the amount of taxes a municipality pays to local taxing jurisdictions (school district, technical college, county, municipality, and special district) for providing services.