Understanding Community Housing Needs in Wisconsin
Explore the importance of housing in Wisconsin communities, how property tax plays a vital role, major assessment classes, and the comparison of data sources between the Wisconsin Department of Revenue and US Census. Learn about the housing market trends, including sales volume and price points of homes in La Crosse County. Gain insights into residential sales data and the significance of understanding your community's housing market for better decision-making.
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Presentation Transcript
Understanding your Community s Housing Needs Karl Green, Program Manager Local Government Education Program UW Madison Division of Extension
Why is Housing in Important? Property Tax is the single largest form of revenue for any WI county, city, village or town Mill rate = Levy Total Assessed Value In a city, there are four main tax classifications: Residential Commercial Manufacturing Personal Property The total value of these four categories = Total Assessed Value
% Major assessment classes 100% 2.99% 3.44% 4% 3.62% 4% 4.19% 4.70% 6.03% 3.19% 2.63% 3% 5.09% 4% 4.08% 5.94% 3.74% 90% 24.01% 26% 80% 25.81% 34.50% 31.13% 30.15% 34% 36.79% 70% 60% Personal Manufacturing 50% Commercial Residential 40% 69.80% 67% 65.66% 30% 60.01% 59.70% 59.24% 57% 53.43% 20% 10% 0% Appleton Sheybogan Janesville Oshkosh Fond du lac Eau Claire Wausau La Crosse
DOR data versus US Census Housing Data https://www.revenue.wi.gov/Pages/Report/Interactive-Data.aspx Consider sources Census self reported housing values WI DOR Real Estate Market Sales Market sales (Arm s length sale) sales between willing buyer and willing seller Assessor s review market sales, submit to WDOR annually WDOR use market sales to determine Equalization, Assessment ratio
Understanding your housing market Need to know what price points are homes selling at Need to know volume of housing sales
La Crosse County # of Residential Sales 1,800 1,600 1,400 WI DOR sales data Represents only market sales 1,200 Total Annual Valid Sales 1,000 800 600 400 200 - 2011 2012 2013 2014 2015 2016 2017 2018 2019 Year Source: WI Department of Revenue
So how do you determine your County s average sale price?
Multiply Avg. sale price by weighted average to get Weighted Average Sale Price
Calculate Average monthly Housing Expense with Excel Payment Func.
La Crosse Urban Housing Estimated Fair Market Value 6,000 5,000 # Residential Housing Structures w/ Improvements 4,000 3,000 2,000 1,000 - Town of Campbell Town of Hamilton Town of Holland Town of Medary Town of Onalaska Town of Shelby Village of Holmen Village of West Salem City of La Crosse City of Onalaska 20-50K 50-100K 100-150K 150-200K 200K+
WI IMPLAN Data compared with United Way ALICE La Crosse County Job Distribution 18% 34% 48% Greater than $72912 Between $72,912 & $36,456 Less than $36,456 Alice Source: https://cdn.ymaws.com/www.unitedwaywi.org/resource/collection/572412D0-E79C-45FA-9049- FBF519C516DC/La_Crosse_County__ALICE2020_.pdf
When we think of economic development New jobs Retain existing jobs How would economic development look: If a community focused on matching housing opportunities with existing job opportunities If child care was provided as a governmental service How do your County s economic development programs align with your County s: Cost of living expenses Housing expenses Thoughts to consider .
Questions? Karl Green Local Government Education Program Manager 608-785-9763 Karl.green@wisc.edu
