The ratio of property values to personal incomes in Wisconsin is approaching the peak reached in 1979.
The Wisconsin Taxpayers Alliance says that could be a sign of a bubble in the housing market.
The total value of Wisconsin property is up nine percent in the past year to 428 (B) billion dollars.
That has pushed the ratio of total property values to personal incomes to 242 percent, approaching the peak of 253 percent in 1979.
Alliance research director Dale Knapp says the high ratio raises a yellow flag.
He says if property values tumble or slow their pace of growth, it could hurt school boards and municipalities which have enjoyed years of a growing tax base.
The ratio of residential values to personal incomes is also up to a record 158 percent, well above the peak of 126 percent in 1979.