Madison's total property value exceeds Milwaukee's for first time

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MADISON, Wis. - According to the Wisconsin Department of Revenue, preliminary reports see that Madison's total property value is higher than Milwaukee's for the first time.

According to preliminary 2018 equalized property values, Madison's total property value has reached $28.732 billion, while Milwaukee's property value tops off at $28.346 billion.

In comparison, the U.S. Census Bureau reports that while at the beginning of 2017 Milwaukee's population of 595,351 exceeded Madison's population of 244,214, Madison's population has grown 48 percent since 1970, and Milwaukee's population has fallen 17 percent.

According to a press release from the city of Madison, the equalized property values created by the DOR are produced to inform assessment practices to avoid variation in the valuation of properties that are in the same class across the state. The equalizations are used to design fair tax distributions and update property values for the distribution of state aid to school districts and for other purposes.

According to the city, this data indicates sustained growth in Madison's neighborhoods.