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Wis. Property Values Decline For 3rd Consecutive Year

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(credit: CBS)

(credit: CBS)

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MADISON, Wis. (AP) – 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.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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