City of Port’s valuation jumps 9% to top $1 billion

The City of Port Washington’s equalized valuation has topped $1 billion, according to the state Department of Revenue.

“We’ve joined the Graftons, Cedarburgs and Mequons of the state,” City Administrator Mark Grams said. “We’ve cracked the billion-dollar mark for the first time.”

The figures from the state show that the city’s equalized valuation has increased 9%, from $961 million in real estate last year to $1.04 billion this year, Grams said.

In Ozaukee County, only one community’s valuation increased more — the Village of Belgium, which saw its real estate value rise 10%, he said.

These figures, which include the city’s two tax incremental financing districts, are for real estate only, Grams said, noting they don’t include personal property.

The biggest reasons for the increase are the sales price of homes and new construction, Grams said.

“The price of homes here has gone up,” he said. 

The value of both TIF districts has also increased, Grams noted.

The downtown TIF district, which has drawn controversy due to proposed developments in the marina district, has increased 12%, or $2.8 million, due largely to the Harbour Lights condominium project, he said.

“The full value of the (residential) units is now included,” Grams said, although the retail space occupied by Sherper’s won’t be included until next year.

The TIF district that will serve the proposed Cedar Vineyard development also increased in value, Grams said, largely because of the increasing value of real estate.

While breaking the billion-dollar mark is significant, Grams said the biggest impact will come when the city figures out its tax bills.

“This means your tax rate will go down a little lower because you have a bigger tax base to spread the levy over,” he said. 

“And the growth that’s reflected here isn’t adding that much to our city services. We’re not adding any new police officers or firefighters. They (new developments) pay for their own garbage collection. There are no new streets needed in the (downtown) TIF.”