RECAP OF THE RECENT VILLAGE REVALUATION
VALUE OF THE VILLAGE AS A WHOLE INCREASES
Following a few years of declines during the past recession, property values in the Village are beginning to bounce back. Sale prices of homes and business property during the past two years have been greater than their old property assessments. These more recent sales represent the information analyzed this past spring and are the basis for the new 2016 assessed values throughout the Village.
Pleasant Prairie staff updates property values every two years during the even years, and this year's update set the total value of the Village at $3.12 billion as of January 2016. This represents a 17.7% increase over the two years since the last update of January 2014. Almost half of the increase can be attributed to $226 million of newly developed commercial, industrial, and residential properties within the Village during this two year period.
"This is one indication of a heathy community," explained Village Real Estate Analyst and Assessor Rocco Vita. "This is a clear indication that individuals and families value the Village as a place to live and businesses value the Village as a place to operate and grow their business." Pleasant Prairie's commercial and industrial properties currently account for almost half of the Village's total value at 49%, while residential and agricultural properties account for the remaining 51%.
Vita added, "Strong diversification of the tax base is another indication of a healthy community. A balanced mix of residential, commercial, and industrial property provides a broad base of economic support, even when one of these sectors experiences a slump as they occasionally do. And, it's reassuring to know that businesses and residents alike are sharing equally to support municipal services."
"Local governments work to provide reliable municipal services that remain affordable and are funded fairly," explained Village Administrator Michael Pollocoff. "The overriding purpose of having an office of real estate analysts is to analyze our real estate markets, recognize their trends, and update property values every couple of years to ensure fairness and equity in the property tax process."
"Most folks want to support their schools, county services, and municipal services, but they want to do it in a fair and balanced way. This process accomplishes that goal."