The Public Policy Forum is out with new data today on Southeastern Wisconsin property values.
Good news for Milwaukee as the city's tax base grew 5.5% from 2006 to 2007. But, this growth only ranked it 79th out of 147 municipalities in southeastern Wisconsin. And, our city had the fourth lowest per capita property value in the region in 2007. Milwaukee County, though, enjoyed growth of 12.2% and 10.8% the previous two years, but, according to the study "fell back to a more modest 5.5% from 2006‐2007. Waukesha County, meanwhile, experienced by far its lowest growth in the past decade, falling to 5.1% after previously being greater than 8% every year since 2000."
Overall, the report states that property values in southeastern Wisconsin counties grew 6% last year, a "relatively healthy rate but the slowest since at least 2004, and for some counties, the past decade." The slowdown in property value growth is not unexpected given the national downturn in property values and the explosive growth rates of recent years.
The report continues, "the downturn in property values, however, could have impacts on public policy in the region. State imposed property tax caps are impacted by growth in property values and could become more restrictive as the rate of growth in values and new construction declines. This may pose a particular challenge for municipal and county governments and school districts at a time when budgets are stressed by increased fuel costs and increased demand for social services due to the declining economy."
Read the full report at the link below.
A life-long and passionate community leader and Milwaukeean, Jeff Sherman is a co-founder of OnMilwaukee.
He grew up in Wauwatosa and graduated from Marquette University, as a Warrior. He holds an MBA from Cardinal Stritch University, and is the founding president of Young Professionals of Milwaukee (YPM)/Fuel Milwaukee.
Early in his career, Sherman was one of youngest members of the Greater Milwaukee Committee, and currently is involved in numerous civic and community groups - including board positions at The Wisconsin Center District, Wisconsin Club and Marcus Center for the Performing Arts. He's honored to have been named to The Business Journal's "30 under 30" and Milwaukee Magazine's "35 under 35" lists.
He owns a condo in Downtown and lives in greater Milwaukee with his wife Stephanie, his son, Jake, and daughter Pierce. He's a political, music, sports and news junkie and thinks, for what it's worth, that all new movies should be released in theaters, on demand, online and on DVD simultaneously.
He also thinks you should read OnMilwaukee each and every day.