In the past three years Madison assessments have fallen continuously. The most recent assessments that were received around April 25, 2012 fell an average of 1.6 percent. In some places throughout the city assessments fell by even larger amounts. Some have suggested that the reason for the drop in assessments is because of a backlog of foreclosures and financing concerns.
A decline in your assessment will make it less likely that property taxes will increase. Of course, a drop in assessed values are directly tied to housing prices.
There were a few pockets in Madison where assessment values slightly increased including the isthmus and the near west side.
More information regarding assessments can be found at: http://www.cityofmadison.com/assessor/.
Source: “Assessments drop in Madison for third consecutive year,” Channel3000.com (April 23, 2012).