Madison’s total property value exceeds that of Milwaukee for the first time in history, according to preliminary 2018 numbers from the Wisconsin Department of Revenue.
According to this year’s preliminary equalized values, Madison’s property is valued at $28.7 billion compared to $28.3 billion in Milwaukee.
“This is very encouraging news,” Mayor Paul Soglin said. “The city of Madison continues to show sustained growth and a healthy economy in all neighborhoods.”
Dane County’s property values are estimated at $65 billion compared to $64.1 billion in Milwaukee.
"Dane County is thriving because of our focus on quality of life issues, our proximity to an excellent University and colleges that produce a high-quality workforce, and because of our community's progressive values which create an environment in which people want to live, work and invest," Dane County Executive Joe Parisi said.
Equalized values represent an estimate of a taxation district’s total taxable value and are calculated annually. They aim to ensure fairness and equality in statewide property tax distribution, according to the DOR, which is important because property values are used in the distribution of state aid.
Since 1970, Madison’s population has grown by an estimated 48 percent while Milwaukee’s population has fallen 17 percent.
Values typically change before they are certified, scheduled for Aug. 15.