Area growth ‘healthy’ amid national issues
\nBy RICK ROMELL
\nrromell@journalsentinel.com
\nPosted: March 27, 2008<\/p>\n
The growth in property values in southeastern Wisconsin slowed last year but increased by a “still healthy” 6%, the Public Policy Forum said in newly released research.
\nWalworth and Kenosha counties, probably benefiting from their proximity to Chicago and northern Illinois, led the way. But the region as a whole held up well amid the problems that have beset real estate nationally, forum President Rob Henken said. <\/p>\n
Southeastern Wisconsin’s property value growth fell off the 10.7% pace of 2005-’06, but other parts of the country have seen values decline, Henken said. “It certainly looks to be very good news ….that that has not happened here as of the 2007 data, and having a 6% growth rate in the region is not anything to feel bad about,” he said. “Even these numbers may be higher than some had expected.”Walworth County’s total value rose 10.5% last year. The county has gained 121.4% in value over the past decade.Kenosha County posted the next highest increase, 7.2%.<\/p>\n
Increases in the rest of the region were: Ozaukee County, 6.6%; Washington County, 5.7%; Racine County, 5.6%;Milwaukee County, 5.5%; and Waukesha County, 5.1%. Henken called the greater growth of the Illinois border counties “a valuable piece of information for policy-makers.” “It again points to the benefits of public policies, which are going to take advantage of our proximity to northern Illinois,” he said. <\/p>\n
Property values for the state as a whole rose 6.2%. The report also shows the range in the value of property per person in the region’s communities.
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\nChenequa, in Waukesha County, is easily the wealthiest by this measure, with $971,508 in property value per resident.<\/p>\n
The lowest ranking community is Whitewater, in Walworth County, with $49,079 in property value per resident.
\nMilwaukee ranks fourth to last, at $53,995.
\nThe Public Policy Forum based its analysis on the equalized property values across the state determined by the state
\nDepartment of Revenue as of August.
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