The 2023 Property Tax Base of the City of Madison
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The City Assessor is responsible for the assessment process including: (1) Discovering all real and personal property that is subject to tax unless exempted by law; (2) Listing all property characteristics used to determine value; and (3) Valuing all property subject to property tax. Creating and maintaining an accurate assessment roll (list of all taxable property: address, value, and owner) fulfills the first requirement. Sustaining property record cards with correct characteristics and information satisfies the second requirement. Accurate valuation, the final requirement, entails estimating the market value of all locally assessable property in the City. These values are used when establishing property taxes in December. Please see www.cityofmadison.com/assessor for more information.
In Madison, all property is valued annually at 100% of market value as of January 1. For the purpose of taxation, property falls into two categories: real estate and personal property. Within these broad categories, there are several delineations of property. Real estate includes single family homes, condominiums, apartment buildings, commercial, and agricultural properties. Personal property consists of furniture, fixtures, and other types of property used in the course of business or commerce. Real estate and personal property are assessed by the City Assessor and represent approximately 99% of the property tax base. The remaining 1% of the tax base is manufacturing property valued by the Wisconsin Department of Revenue.
Real Estate Changes
Locally assessed real estate increased 14.4% for 2023. Commercial assessments increased 16.8% ($13,414 to $15,674 million) and residential assessments increased 12.9% ($22,879 to $25,839 million). A robust market and the annexation of approximately 1500 parcels from the Town of Madison contributed to the increase.
Personal Property Changes
Locally assessed personal property assessments decreased by $141 million between 2022 and 2023. This represents a 23.8% decrease from $593 to $452 million. A review of the personal property classifications resulted in a shift of value (leasehold improvements) to our commercial real estate.
Manufacturing Assessments
Manufacturing full value assessments prepared by the State are available on the WI DOR website: https://www.revenue.wi.gov/Pages/Manufacturing/home.aspx. Last year these assessments totaled $456 million ($384 million on real estate and $72 million on personal property).
Recap of Local Changes
A report is available including tables that focus on the compositions and rates of locally assessed real estate growth.
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