Real Estate Values

Every year properties in the city change in value. During years when the average property goes up in value, some properties, for various reasons, may fall in value. While the press may talk about changes in the average tax bill, if you property dropped in value RELATIVE TO THE AVERAGE CHANGE IN VALUE, your taxes will go up less or decrease. Similarly, if your property WENT UP IN VALUE MORE THAN THE AVERAGE CHANGE, your taxes will increase more than the average property owner's taxes. Think of all the properties in the City of Madison as represented as a pie. Your property is one slice of that pie. If the total value for all properties went up and your property went up the same as the average increase, your slice of that pie would be the same size. If your property didn't go up as much, your slice got smaller; if your property went up more, your slice got bigger.

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, 2015. Assessments made in January, 2014, in turn, will be reflected on the tax bill you receive in December, 2014.

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.)

Do you have a question that was not answered? Please call the City Treasurer's Office at (608) 266-4771.