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Real Estate Market Surges by $1.5 Billion

Equalized values up 18%

Door County’s equalized values increased by more than $1.5 billion, for an unprecedented growth rate of 18%. The value of all real estate and personal property in Door County is now $10,079,363,600 – up from last year’s $8,556,994,600.

The equalized value is the Wisconsin Department of Revenue’s (DOR) estimate of the total value of all taxable property for each taxation district as of Jan. 1 and certified by the DOR on Aug. 15 of each year. The primary purpose of the values and equalizing procedure, according to the DOR, is to ensure that school taxes, county taxes and major state aid are apportioned fairly to the state’s 1,851 municipalities.

For example, if a municipality has 10% of the total value in the county, that municipality’s taxpayers should pay 10% of the taxes to be collected for county costs. 

Growth occurred in nearly all property classes within Door County, but the real estate market continues to lead the pack, rising by $1,369,445,600 for a new high of $8,661,625,700 – a 19% increase.

Door County is not alone in achieving what is likely its highest equalized value increase in decades. Wisconsin’s total statewide equalized property value as of Jan. 1, 2022, was $745 billion – a 14% increase over the prior year, which is the largest increase since 1979, according to the DOR. The DOR listed Menominee (31%) and Price (19%) counties as having the first and second largest increases, respectively, in the state.

Net New Construction

Equalized values are used for numerous calculations, including how much municipalities can borrow – the Wisconsin Constitution limits municipal and county debt to no more than 5% of equalized value. 

Beyond that, gains in equalized value don’t necessarily translate into higher property taxes. The key number for that change  – also included within the equalized-value report – is the amount of new construction that took place over the course of the year. 

The state limits the amount that a municipality is allowed to increase its tax levy by the percentage increase in equalized value from net new construction. Overall, net new construction across the peninsula grew by 1.6% for 2023 – which equates to an additional $381,942 that the county can increase taxes next year over the current tax levy. 

Equalized Values by School District

The DOR also certifies equalized values for school districts, which is the value for all the taxable property within a school district as of Jan. 1, 2022. The effective date of the new values for school districts is Oct. 1, 2022 – Sept. 30, 2023.

• The Gibraltar Area School District has seven taxation districts: the towns of Baileys Harbor, Egg Harbor, Gibraltar and Liberty Grove, plus the villages of Egg Harbor, Ephraim and Sister Bay. This school district has far and away the highest equalized value of the five school districts: $4,890,674,410 for 2022-23, up from $4,070,294,486 in 2021-22 – an 18.3% increase.

• The Sevastopol School District has five taxation districts within the towns of Egg Harbor, Jacksonport, Sevastopol, Sturgeon Bay and the City of Sturgeon Bay. Its equalized value is $1,980,894,470 for 2022-23, versus $1,706,162,937 last year, a 14.9% increase.

• The Southern Door County School District has nine taxation districts: the towns of Brussels, Clay Banks, Forestville, Gardner, Nasewaupee, Sturgeon Bay and Union; the Village of Forestville; and the City of Sturgeon Bay. Its equalized value is $1,547,870,671 for 2022-23 versus $1,367,105,918 last year, a 12.4% increase. 

• The Sturgeon Bay School District has two taxation districts: the City of Sturgeon Bay and the Town of Sevastopol. Its equalized value is $1,282,129,449 for 2022-23, versus $1,087,150,059, a 16.4% increase. 

• The Washington School District has only one taxation district: the Town of Washington. Its equalized value is $377,794,600 for 2022-23, versus $326,281,200 last year, a 14.6% increase.