The 2024 Property Tax Base of the City of Madison

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. There are several types of real property, including single family homes, condominiums, apartment buildings, commercial, and agricultural properties. Real property is assessed by the City Assessor and represents 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 9.3% for 2024. Commercial assessments increased 10.5% ($15,584 to $17,223 million) and residential assessments increased 8.5% ($25,826 to $28,021 million). Steady growth and continued development contributed to the increase.

Personal Property Changes
As of January 1, 2024, personal property, excluding some fixtures and leaseholds, is exempt from property taxation. The State has pledged to make the municipality whole for this exemption by calculating a state aid payment commencing January 1, 2024.

Manufacturing Assessments
Manufacturing full value assessments prepared by the State are available on the WI DOR website. Last year these assessments totaled $447 million.

Recap of Local Changes
A report is available including tables that focus on the compositions and rates of locally assessed real estate growth.