REAL ESTATE VALUES:
Much has been written about a nationwide decline in real estate values. Here in Madison, many of us have heard anecdotes about a particular property not being worth its assessed value. However, the important thing to remember is that the bills mailed in December are based on assessments as of last January 1st.
If a property has dropped in value during the year, it should be reflected on the assessment made January, 2012. Assessments made in 2012, in turn, will be reflected on the tax bill you receive in December, 2012.
Please remember that the city mails assessment notices in April. If you disagree with your assessment, you have a limited period of time to appeal. By the time tax bills are issued, the appeals period for assessments is long past. (If you receive no assessment notice in April, the assessor is indicating that your assessment has not changed from the previous year.)