K-12 Tax & Spending Climate:

Mike Ivey:

In a disturbing sign the state economy remains in crisis, property values in Wisconsin have fallen for the fourth year in a row and showed the largest one-year drop in decades.

This news accompanies a surprising jump in the state unemployment rate announced on Thursday. The jobless rate rose in July to 7.3 percent, up from 7 percent in June, with the state losing an estimated 6,000 private-sector jobs for the month.

Meanwhile, figures released this week by the Department of Revenue showed total property values in Wisconsin down 3.2 percent for 2012, the largest drop in 50 years. That includes a 4 percent drop in residential property and a 1.5 percent decline in commercial property values.

The roughly $2 billion in new residential construction was more than offset by a $15.3 billion erosion in the value of existing homes. (See attached report.)

Posted by Jim Zellmer at August 18, 2012 1:34 AM
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