On May 17, 2024, the city's Assessing Department mailed the 2024 assessment notices to property owners throughout the city. This year, the Assessing Dept. conducted a citywide revaluation which has brought all properties up to estimated current market values. On average, the city saw a 21% increase in value. Individual neighborhoods and properties may vary from that average based on individual variables.
Assessments are intended to be revenue neutral, meaning that an increase to your assessment does not necessarily mean that individual taxes will increase. Typically, when the overall assessed value of the city increases, the tax rate decreases. The city last conducted a market revaluation for the 2022 tax year which increased the overall assessed value of the city by roughly 18% from 2021 to 2022. Following the revaluation, tax rates decreased by 11-15% dependent on school district.
The city's tax levy is generally only increased by net new construction and/or a referendum. Increased assessments do not increase the city's tax levy. Assessments do determine the tax rate and the corresponding share of the levy that each property pays. It's important to keep in mind that roughly 30-34% of your tax bill goes to the city dependent on school district. The remaining percentage gets split up amongst the school district in which your property is located, Dane County, and Madison Technical College.
If you have any questions or concerns, please contact the Assessing Dept. at (608) 270-4237 or use the link below to access the Assessing Dept. webpage.