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TAXES AND
FEES:
Knowing
your business expenses is an important part of
your business operation. The information in this
chapter will help you prepare for these budget
items. |
Taxes:
The
City Assessor is responsible for estimating the market
value of all locally assessable property in the City of
Madison. An annual assessment roll is produced listing
all taxable property. This roll describes the property,
states the assessed value as of January 1, and lists the
owner's name and address.
In
Madison, all property is valued at market value and is
assessed at 100 percent of market value. The 1994 tax
mill rate is approximately $34 per $1,000 of assessed
value. Real estate tax bills are mailed to the owner of
record each December.
Property,
for tax purposes, falls into two broad categories: real
estate and personal property. Over 90 percent of the tax
base in Madison is comprised of real estate.
Within
the personal property class, there are three categories:
- Machinery
- Furniture
- other
types of property used in the course of business or
commerce
Real
estate is classified into these four categories:
- Residential
(single family houses, condominiums, apartments with
less than eight units)
- mercantile
(commercial, apartments eight units and over)
- industrial
- agricultural
A
Personal Property Statement is mailed to all Madison
businesses every January. Each business must complete
the form and return it to the City Assessor. The
completed statement and inspection of your business by
the personal property appraiser are used in determining
the value of your business' personal property. Personal
Property tax bills are mailed in December.
Mall
Maintenance Fees:
The
State Street Mall and Capitol Concourse are highly
visible and heavily used by Madison visitors and
citizens. This area requires a tremendous amount of
maintenance to keep it clean, attractive and safe. The
City's mall maintenance crews work 364 days a year to
keep it that way.
Owners
of property or buildings on the Mall and Concourse and
those on streets adjacent to it pay a special fee for
this upkeep. This fee appears on the real estate tax
bill as Mall Maintenance Fee.
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Many
tenant businesses in the area have triple net
leases and are responsible for the payment of
this fee. Check your lease to find out if
payment of this fee is your responsibility. |
