Equalized values spiraling down in St. Croix County, region
Figures released last week by the state Department of Revenue show equalized values on homes, farms and businesses in western Wisconsin continue on a downward trend with decreases ranging from just over 4 percent in River Falls to 23 percent in the town of Hudson and up to 37 percent across Polk County over the past four years.
The declining trend began in 2008, according to a summary assembled by Bill Rubin, excutive director of the St. Croix County Development Corp.
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).
Statewide, equalized values declined 3 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 1 percent increase because of new manufacturing construction. Residential properties across the state dropped 4 percent because sales were still down in this market. The decrease in residential property values drove the state's overall decline of 3 percent in equalized values.
In the Greater St. Croix Valley (Pierce, Polk, St. Croix and Dunn counties), declines ranged from 2 percent in Polk County (a decline of $58.218 million) to 4 percent in Dunn (a decline of $103.633 million). Pierce County's equalized values declined 3 percent (a loss of $80.572 million).
Since 2008 equalized values in Pierce County have declined 17.7 percent (or $565.4 million); Dunn County declined 8.5 percent (or $239.5 million); and Polk County have dropped 37.5 percent (or $1.9 billion) since 2008.
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.