Madison City Assessor Michelle Drea explains rise in property values

It’s that time of the year when Madison property owners receive their annual assessments from the city, which estimates how much their homes are worth based on market sales and affects their property tax bills.

More than 1,000 people filed appeals of their property assessments this year, the city assessor said, with some residents saying homeownership costs increased dramatically compared to previous years. 

A few residents reached out to the Cap Times, wondering how the city calculates assessments for the 90,000 residential parcels across Madison. Some wanted to know why the value of their homes decreased while the value of their land went up, and the reason largely has to do with changes in how the City Assessor’s Office does its job...