Lose $6,500, get $9 back. What a deal!

Wisconsin's Legislative Fiscal Bureau sent out their estimations of property taxes under the Governor's budget today. The toplines are bad, but the story buried inside is worse.

First, the LFB estimates that property taxes will increase in Wisconsin for the two years of Governor Walker's budget, as a result of shared revenues and school aids staying low. And this increase will be slightly above what it was last year.

Based on nearly complete reports filed with DOR, gross property tax levies are estimated to total $10,471.3 million on a statewide basis for 2012(13). This represents a 0.8% increase relative to the 2011(12) statewide total of $10,384.8 million. After applying state tax credits, net property tax levies are estimated at $9,436.5 million, an increase of 0.8% over the 2012(13) total of $9,357.7 million. Under provisions in AB 40, as proposed by the Governor, gross property tax levies would increase on a statewide basis by an estimated 1.5% in 2013(14) and 1.4% in 2014(15). Increases in net levies of 1.5% in 2013(14) and 1.6% in 2014(15) are estimated.

On the face of it, it's a pretty tame increase, but it is one, contrary to a lot of the Walker supporters who claim Act 10 and Scotty's tools dropped property taxes statewide.

But that doesn't mean Walker policies didn't drop property taxes. In fact, the LFB report says the average homeowner saved $9 on their property taxes in Wisconsn this year (don't spend it all in one place, folks). However, it's not for the reason you'd want to see your taxes go down.

Median home value, Wisconsin
2011 (12) $157,692
2012 (13) $151,148 ($6,544 DROP)
2013 (14) $152,400 (+1,252)
2014 (15) $154,800 (+2,400)

Gee, you think taking millions of dollars out of the pockets of Wisconsin workers and denigrating public education is going to hurt home values in our communities? Well I am just Jake's lack of surprise right there.

And the tepid price increases for the future are happening while the rest of the country is having prices go up by more than 10%, the fastest jump in values in 7 years. It's a stark reflection of Wisconsin's subpar economy and bottom-10 standings in job and wage growth, and is another example of how policies in the Age of Fitzwalkerstan keep costing Wisconsinites major money.

Oh, but you Baggers did save $9 this year on your (deductible) property-tax bill, while you were losing $6,500 in wealth. Hope THAT was worth it.