Madison budget includes $35 property tax increase
The average homeowner in Madison will pay about $35 more in city property taxes in the most recent budget.
The Madison Common Council passed the 2014 capital and operating budgets Tuesday night, something Alder Mark Clear said the group had never done so quickly in his seven budget sessions.
Alder Lisa Subeck said the amendments made by the Board of Estimates before final approval were nothing startling or controversial.
City finance director David Schmiedicke said with council’s changes, the budget came in just $500 under the state levy limit. As a result, city property taxes will increase $9.51 per $1,000 assessed value.
Schmiedicke said that means the levy will go up 2.6 percent and the tax rate will increase 2.2 percent.
Taxes paid on the average home, valued at $230,831, will be rise 1.6 percent, totaling an increase of about $35 per household.