Posted: 08.17.2011

Property values have declined in Wisconsin for the third consecutive year. But, the state Department of Revenue says the drop in 2010 was about half of what it was the previous year.

The value of homes,businesses and other property in Wisconsin is down 1.8 percent to
$487 billion. That compares with a decline of 3.1 percent in 2009. The revenue department's report says the biggest declines in 2010 were in commercial, forest and farm properties.

Residential property in Wisconsin is valued at $347 billion, down by 1.6 percent over the previous year.

The Journal Sentinel says the dip in residential value in Wisconsin is about the same as the average national decline.

This report conflicts with recent farm land values announced by the Wisconsin Ag Statistical Service.

The latest survey from the Wisconsin Ag Statistical Service shows that as of January 1, 2011, the value of farm real estate, including land and buildings, in Wisconsin averaged $4,050 per acre, up 8 percent from the previous year.

Compared with its neighbors in the Lake States region, Wisconsin had a higher value than both Michigan at $3,850 and Minnesota at $3,350. The national average was $2,350 per acre.

Cropland values in Wisconsin averaged $3,950 per acre. This was an increase of $300 from last year. Average pasture values increased $40 per acre to $2,090 per acre.

Wisconsin had a cropland rental rate of $99.00 per acre, as of January 1, 2011. This is an increase of $7.00 over last year. Wisconsin had a pasture rental rate of $32.00 per acre. This is well above the U.S. average of $11.50 per acre.

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