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Madison property values jump

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MADISON (WKOW)-- Barb Dawson is a 26-year real estate veteran and says the last six years are some of the most challenging she’s seen. But a city-wide increase in property values is changing that.

“I could feel the market picking up,” Dawson said. “Even last year, we saw some good sales but we saw flat prices. And now this year, we're seeing multiple offers get written on each property that is listed and an increase in prices.”

According to the city, commercial property values increased by 4 percent, and single-family home property values increased by 3.2 percent. Dawson says that means now is the time to list your house.

“This market feels like the '93, '94 market where we were selling houses $10,000 over full price,” Dawson said.

The city is also seeing a boom in new construction, with $391 million in 2013. That’s 75 percent more than the previous year.

City Assessor Mark Hanson says this is especially positive news when it comes to expanding the tax base.

“Well it's always good when you're growing your tax base,” Hanson said. “That means you have a boarder base to spread property taxes over, which helps to keep the middle rate down and helps to keep taxes down over all, so that's really news.”

Though Hanson says until the budget process later this year, no one can predict how this will impact taxes. In the meantime new assessments are being sent to property owners.

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