St. Croix Co. property values slide

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St. Croix County has become accustomed to being a leader in Wisconsin.

Usually, it’s for population growth and median family income.

Last week, the Wisconsin Department of Revenue released figures showing St. Croix County to be a leader in property value decline – a position that local officials would gladly relinquish.

According to the Revenue Department, the county saw a 5.4 percent drop in property values in 2008, second only to Pierce County’s 5.9 percent deline.

Neighboring Polk County rounded out the top-three losers in property value with a 4.1 percent slide.

Wisconsin property values as a whole dipped by 0.5 percent last year. It was only the second time in 50 years that overall property value has fallen in the state.

The Revenue Department said the decline was driven by a 0.9 percent fall in home values in the state. Residences account for about 72 percent of all property value in Wisconsin.

Home values nationally dropped an average of 7.1 percent last year.

In comparison, Wisconsin’s home values are stable, Revenue Secretary Roger Ervin said in a news release.

“While we still face uncertainty about the economy, the stability of property values positions the state well as we work toward economic recovery,” Ervin was quoted as saying.

Tags: st croix county, property value, news, decline, taxes