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For the first time since early 2008, Milwaukee reported an overall increase in locally assessed real estate, the city's assessor's office reported Friday.

Overall, the tax base in 2014 went up about 1.4%. The residential tax base dipped 0.05% — the lowest drop since the recession — while the commercial tax base rose 3.6%.

Mayor Tom Barrett called it a good start for the city after several years of declining valuations.

"We're seeing very positive signs in commercial. Residential has leveled off, but the tax base is up," he said.

Two years ago, residential property values plummeted 8.9%, the biggest percentage drop in nearly 30 years. In 2011, residential property values were down just 0.3%; in 2009, they were down 3.1%; and in 2008, they were down 7.2%.

Barrett cautioned, however, that the foreclosure crisis continues to have an impact on residential values in some neighborhoods in the city, particularly on the north side. Foreclosures tend to hurt values, although recent market reports suggest that sales of properties that are not distressed are beginning to inch upward.

"You can see the impact foreclosures are having on other sales," he said. "But overall we're pleased to see the stabilization of the residential tax base and the overall increase."

Citywide, assessed residential values fell $6.1 million, to $14.2 billion, from Jan. 1 to Dec. 31, 2013. Assessed commercial values jumped nearly $327 million, to $9.3 billion.

Total assessed value was $23.5 billion, up from $23.1 billion. In 2008, at the beginning of the housing crisis, total assessed value was $28.6 billion.

Mike Ruzicka, president of the Greater Milwaukee Association of Realtors, said he was pleasantly surprised by the higher overall valuations.

"It's somewhat surprising because of the foreclosures," he said. "They're a little ahead of the curve. It's fantastic."

The city mailed the new assessments to Milwaukee property owners on Friday.

Excluding condos and multiple building parcels, the average assessed value of a single-family home in Milwaukee is $98,857. Last year, the average assessed value of a home in the city was $99,112.

Among aldermanic districts, Ald. Ashanti Hamilton's 1st District on the north side showed the biggest percentage drop in value: 7.4%. The drop reflects the lingering effects of foreclosed homes, and dilapidated or abandoned homes.

The 15th District showed the second biggest percentage drop in value: 3.6%. That district's aldermanic seat is vacant due to the resignation of former Common Council President Willie Hines.

The biggest winner in terms of percentage increase among aldermanic districts was the 14th represented by Ald. Tony Zielinski. The Bay View area reported a 3% increase in residential assessed value. Ald. Robert Bauman's 4th District, which includes downtown, had the second largest percentage increase: 2.9%.

City officials said a renewed interest in downtown housing accounted for an increase in residential value in Bauman's district.

Steve Miner, the city's chief assessor, said the Bay View area was becoming a popular place to live. There is redevelopment underway and the area is close to downtown, he said.

"It's not just single-family homes," Miner said. "People also are finding bargains and they are rehabbing them. It's a desirable place to live."

Ruzicka agreed. The city has been investing in the Bay View area for years, he said, and it's beginning to pay off.

Checking your assessment

Property owners can check their assessments online beginning Monday at www.milwaukee.gov/assessor.

Property owners have the right to appeal their home or commercial value whether it has changed or not. Objections to the assessed value must be in the assessor's office by 4:45 p.m. May 19 or postmarked on or before May 19.

Objections forms can be requested by phone (414-286-6565), by email using the address assessor

@milwaukee.gov, by using the "Ask the Assessor" link at www.milwaukee.gov/assessor, or going to City Hall, 20 E. Wells St.