Madison property values increase 10 percent in 2017

Average home price jumps almost $15,000
Madison property values increase 10 percent in 2017

Property values in Madison have jumped more than 10 percent in 2017, helped along by a 16.6 percent increase in commercial property assessments, the city assessor’s office said Friday.

Assessed values of residential properties in the city increased 6.6 percent over 2016 . The increase means the average home value in Madison is $269,377, up from $254,593 in 2016. The value of single-family homes values in the city have more than doubled since 1980.

Eighty-one percent of Madison properties will see a change in their assessed values, 80 percent of which saw an increase. Just 847 of the city’s 75,099 parcels saw a decrease in value.

Mayor Paul Soglin said the values were more than the city had anticipated.

“It’s an improvement and it helps in reversing a trend that went on for too long where greater and greater proportions of the property tax was (the) responsibility of single-family homeowners,” Soglin said.

Assessment changes are being mailed to property owners.

The increases mean that within three years, the value of all property in Madison could surpass that of all property in Milwaukee.