Southeastern Wisconsin outpaces state in tax base growth

For more info= rmation

Jeff Schmidt

Researcher

Public Policy Forum

414-276-8240

jsch= midt@publicpolicyforum.org

For immediate= release

Sou= theastern Wisconsin<= span style=3D'font-size:22.0pt'> outpaces

state in tax base growth

Milwaukee, Wisconsin – March 31, 2005 – = Property values in the seven counties of southeastern Wisconsin grew 8.9% during 2004 and fo= r the second successive year the region outperformed the state, according to the Milwaukee-based Public Policy Forum’s latest “Regional Report.”=

“This is the greatest percentage gain since 1992, the year the Forum started collecting region-wi= de data,” says Jeff Schmidt, the Forum researcher who compiled the report. “The results al= so could signal the start of a trend in which the region consistently outperfo= rms the state.”

The report looks at residen= tial, commercial, and manufacturing property values throughout the region. Analysis is based on equalized pro= perty values, as determined by the Wisconsin Department of Revenue as of August 1= 5, 2004.

According to Schmidt, the r= eport’s implications are significant. “The state’s fortunes, now more than ever, depend on the fortunes of southeastern Wisc= onsin, where 37% of the state’s property wealth is concentrated,” he says. “Clearly, this re= gion is the key driver in the state’s growth which could bode well for taxpayers because at current property tax rates more money is being generat= ed. Of course, the challenge is to con= tinue developing the tax base in ways that support local policy objectives without unnecessarily increasing costs.”

Southeastern Wisconsin̵= 7;s tax base is $145.4 billion; Wisco= nsin’s is $391.2 billion.

Other significant report fi= ndings include:

Kenosha County municipalities had the greatest tax= base growth in 2004, increasing 10.3%, while Walworth Count= y municipalities experienced the least growth, 8.1%, in the region;

39% of the municipalities in southeastern Wiscons= in had at least 10% growth in property wealth during 2004, with the villa= ge of Merton in Waukesha County leading the pack at 29.7%, the only municipality greater than 20%.;

Only one municipality in the region, the town of = Lyons in Walworth County, saw a decrease in its tax base in 2004.&nbs= p; It shrunk by 0.4%, a stunning reversal from 2003 when it had the largest increase, 31.8%, in the region;

The village of Chenequa in Waukesha County= had the most property wealth per capita in the region, $678,092, while= the city of Milwaukee had the least, $39,517.

Schmidt noted that even tho= ugh 47% of the region’s land is agricultural, only 0.1% of the tax base in the region comes from agricultural land.

In several weeks, the Forum= will follow up the property value report with its property tax report, which will rank and compare all municipalities in southeastern = Wisconsin based on tax rates.

Funding for the report was = provided by Robert W. Baird & Co. Inc.

The Milwaukee-based Public = Policy Forum – which was established in 1913 as a local government watchdog – is a nonpartisan, nonprofit organization dedicated to enhancing the effectiveness of government and the development of southeastern Wisconsin through objective research of regional public policy issues.

The Forum is facilitating c= reation of a shared vision action plan for regional cooperation in southeastern Wisconsin based = on research and analysis. During= the next three years, the Forum will encourage the region to think and act in w= ays that promote its long-term economic and social health, including . . .

&nbs= p;

Developing a Southeastern Wisconsin Leadership Network;
Establishing priorities for regional action;
Making the case to citizens that regional coopera= tion is vital to our future;
Benchmarking progress toward the shared vision.

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