Overall this is good news. However, I would speculate these numbers are due largely to Madison and Milwaukee. In addition, property values in Wisconsin didn’t sky rocket during the bubble like cities in California, Arizona, and Florida. As a result, the drop off in home values won’t be as dramatic. I would be curious to see if property values in Rock County have fallen. I know several people who have had to sell below appraised value recently. Nonetheless, it is nice to hear some overall good news for Wisconsin.

It is almost stagnant growth. Wisconsin has had a very high forclosure rate per capita...jmo next quarter the numbers will be lower. Especially in Rock county..jmo

The city of Janesville last assessed property for tax purposes in 2002 or 2003. It did not intend to reassess until at least 2010 when the equalized value ratio got to the point where state law dictates a reassessment. Now, with property values stagnant, and perhaps falling here in the city, that reassessment may be put off 2 or 3 more years. Therefore, for city of Janesville property tax payers, falling or stagnant property values offer no relief since the city taxes according to its last assessment and will continue to do so for the foreseeable future.

Largely the housing bubble did not come to Wisconsin, so we aren't as overvalued as other states to begin with. Fortunately we won't have to consider how to handle frightening drops in revenue as a result.