MADISON, Wis. - Increasing Madison property values for both commercial and residential properties are a sign of an economic recovery, according to city officials.
The city announced Friday a 3.2 percent increase for the average residential property and 4 percent increase for commercial properties. The overall increase is 3.5 percent.
Property assessments are being mailed to property owners on Friday.
City officials said properties appreciated in value $345 million during 2013 compared to a $31 million drop during 2012. In 2008-2009, property values depreciated more than $1.1 billion.
New construction in 2013 was 75 percent higher than in 2012, spreading the tax burden across more properties.
Also, the tax burden continues to shift from residential to commercial properties. It has increased from 31 percent to 35 percent since 2007.
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