08/17/2007 | Pleasant Prairie Property Values Continue to Show Growth Through 2006
Pleasant Prairie property values continue to show good growth, according to the Wisconsin Department of Revenue's Equalized Values Report released on August 15, 2007. The report also shows strong growth in the Village for commercial property values. The State Department of Revenue calculates equalized values on an annual basis in order to ensure that property tax is equitably applied when taxing districts cross municipal boundaries, such as the case with school systems or counties.
Residential property values in Pleasant Prairie increased by 9% (or $153.78 million), between January 1, 2006 and January 1, 2007. Statewide, residential property values increased 6%; and nationally, they rose 4%. Department of Revenue Secretary Roger Ervin explained, "In the current market climate, we are very pleased to see Wisconsin is still growing at a moderate pace as a whole. Unlike many states, Wisconsin's property markets have not been subject to dramatic fluctuations in values, which is good for property tax payers, local governments and the economy."
Rocco Vita, Assessor for Pleasant Prairie, Salem, Twin Lakes, Randall and Brighton, commented "The increase demonstrates that home ownership continues as a good investment in the Village and the State, as property growth here has exceeded the national rate. New construction accounts for 5% of the increase, while property value appreciation accounts for the remaining 4%." Growth in the Department of Revenue's equalized value results from a combination of new construction and market value appreciation and does not necessarily translate into higher property tax bills, which are based only on the current assessed value.
The report also shows that commercial class property values in the Village increased by 9% (or $48.50 million) and the manufacturing class experienced 3% growth (or $7.87 million) during 2006. This year's growth increased Pleasant Prairie's total equalized property value to $2.7 billion, an overall 9% increase over the previous year and slightly less than the 11% increase from 2005.