Wisconsin Ag Properties Increased by 11% in 2023

Thursday, August 17th, 2023 -- 8:07 AM

(Wisconsin Ag Connection) The Wisconsin Department of Revenue (DOR) recently released its annual Equalized Values Report, which shows that agricultural property values in the state increased by 11% in 2023.

According to the Wisconsin Ag Connection, this is the second consecutive year of double-digit growth in agricultural property values. The total statewide equalized value of agricultural property in Wisconsin was $2.8 billion as of January 1, 2023. This represents an increase of $268.8 million from the prior year.

The growth in agricultural property values was led by dairy farms, which saw their values increase by 15%. The increase in agricultural property values is due to a few factors, including strong commodity prices, increased demand for agricultural products, and limited land availability.

The strong economy has also helped to boost agricultural land values. The increase in agricultural property values is good news for Wisconsin farmers. It means that they will be able to generate more income from their land, which can help to offset the rising costs of production.

The increase in property values will also benefit local governments, as they will receive more tax revenue from agricultural land. However, the increase in agricultural property values could also lead to higher property taxes for farmers.

This is because the equalized value is used to calculate property taxes. If the equalized value of a property increases, the property taxes on that property will also increase. Overall, the increase in agricultural property values is a positive development for Wisconsin farmers and local governments.

However, it is important to be aware of the potential impact on property taxes.

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