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Madison council advances first reading to restore cumulative capital development fund to 5¢ per $100 of assessed value
Summary
Council took first reading of an ordinance to reestablish the city's cumulative capital development (Q Cap) rate at the statutory maximum of 5 cents per $100 of net assessed value to create a dedicated capital revenue stream for facilities, sidewalks and infrastructure as state property tax changes reduce other revenues.
The City of Madison Common Council on Tuesday carried out the first reading of an ordinance to reestablish the cumulative capital development (Q Cap) fund maximum rate at 5 cents per $100 of net assessed value, a measure city officials said would create modest capital revenue as state property tax changes reduce other local revenues.
City staff explained the Q Cap fund is a statutorily authorized local option tax used for capital and infrastructure purposes (sidewalks, facility repairs, municipal reinvestment). The city’s current adopted rate is…
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