MADISON, Wis. (WSAU) -- Wisconsin officials are expected to release some good economic news in about a week. State Representative Bob Kulp says the Department of Revenue is preparing to release the latest projections for the state’s equalized property value. Kulp says the preliminary figures show property values are up. “The best I can ascertain is that there will be about a 2.5% more or less increase in equalized property values. That will take the property values, the taxable base I should say, of the property across the state from 465.5 billion dollars up by 12 billion, which means that there will be a lot more revenues coming in to the state because of those equalized values.”
There has been concern from some lawmakers about a possible structural budget deficit. Kulp says the projected increase in value will bring in more revenue to every level of government. “Act 145 that the Governor signed, which was the property tax relief, dropped property tax values by 4%, so that caused a lot of concern to people that there would be a structural deficit, and this 2.5% more or less is going to be a good thing for the economy of the state if you will, because it shows that property values are increasing, and that is always a good thing.”
The Department of Revenue is expected to release the numbers August 15th. Kulp anticipates that many communities in central Wisconsin could see property values rise higher than the projected state average. “My guess is that in our community, many of the municipalities will do very well because we’re in a place that’s being built out, that’s economically viable, that’s moving ahead and moving forward, so I would say that there’s a good chance that our municipalities may do better than the 2.5%.”
Some communities are concerned about the dollars lost when Wisconsin shifted some of the technical college costs to the state, impacting certain things like TIF district costs. Kulp is optimistic most communities will not see a negative impact.