Property Values Continue Their Positive Trend

Property Values Continue Their Positive Trend
Posted on 07/15/2022
Property values throughout Pleasant Prairie show strength and resilience as homes continue to sell on average for 32% over their assessed value. The positive trend is partially due to the strong demand for housing that exceeds the supply of available homes for sale. Additionally, the above-average real estate appreciation values throughout Kenosha County over the past six years have contributed to increased regional property values.

The current assessed property values in the Village are four years old, and the assessed value of all properties in the Village will change in 2022. The Village typically updates property assessments every two years during the even years; however, the Village postponed the revaluation planned for 2020 due to topics surrounding the pandemic. As a result, Village property values were last determined in 2018 using sales information from 2016 and 2017. Residential homes have generally sold for substantial amounts more than their current assessed values in today’s housing market. In 2021, the most recent year for which the Wisconsin Department of Revenue has statistics, 294 homes changed hands in Pleasant Prairie. On average, the homes sold for 32% more than their current assessed value.

While changes in value vary depending on the property characteristics and location, an increase in assessed value does not mean an increase in the property tax bill. Wisconsin law restricts the amount of property taxes a community can collect, and as property values rise, the tax rate falls. The resulting property tax will not change significantly for residential home values that increase at or close to the average of 32%. Similar to 2012, when property values sharply reduced, or in 2018 when values significantly increased, the property taxes remained stable.

Property Value Graph
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