State’s property values drop for third year

MADISON, Wis. (AP) — A new report shows that property values in Wisconsin dropped in 2010 for the third straight year.

The state Department of Revenue report released Monday shows that property values went down 1.8 percent, or $5.7 billion. Values dropped 3.1 percent in 2009 and about half a percent in 2008.

The report shows that residential property value decreased 1.6 percent, commercial properties declined 2.2 percent, agricultural land dropped 3.4 percent and manufacturing was unchanged.

The Revenue Department reported the drop in residential value matches the national average decline in home prices over the same period.

All property in the state was valued to be worth $487 billion. That is down about $9 billion from the previous year.