'Really good news:' Report shows property values up 'in every single aldermanic district' in Milwaukee
MILWAUKEE -- The housing market in Milwaukee is getting a big boost, according to a new report.
"We got some really good news this week," said Milwaukee Mayor Tom Barrett.
Barrett said he's excited about the annual assessment of property values in Milwaukee.
City of Milwaukee
Milwaukee Mayor Tom Barrett
"Every single aldermanic district has seen an increase in assessed value," said Barrett.
Approximately 150,000 assessment notices have been mailed out to property owners.
"72 percent of homeowners will see an increase in the assessed value of their property. That means they are going to have more equity in their home. In essence, the value of their home is increasing," said Barrett.
About 20 percent will see no change and only 7.5 percent of the individual properties declined in value. Barrett said this is big news, considering it's the first time that's occurred in 10 years.
City of Milwaukee
"We really took it on the chin in 2008-2010. We were hit by the sub-prime mortgage crisis. We were hit by the drop in manufacturing in the city, and we were hit by the increase of unemployment nationally," said Barrett.
Matt Stolt
Now, the city is on the rebound.
"It's increases the overall community experience when things are on an upward trend," said Matt Stoltz, Milwaukee resident.
Part of the improvement is being attributed to investments in the city.
"You see it in the heart of the city. You see the renaissance downtown and it's coming into the neighborhoods -- so with the work we are doing with the Strong Homes Program, our Strong Neighborhoods Program as well," said Barrett.
City of Milwaukee
The total assessed value of property in Milwaukee in 2018 is almost $27 billion -- up $1.7 billion over 2017.
"In the grand scheme, it seems like things are going up, things are working around here," said Stoltz.
Property assessments will be made available online on Monday, April 23. CLICK HERE for more information.