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After reassessment shows average 50% value increase, supervisors open public hearing on equalized real-estate rate
Summary
Madison County staff presented results of a countywide reassessment showing average property-value growth of about 50%, prompting a required equalization of the real-estate tax rate and discussion of potential future tax-rate changes to balance the county budget.
Madison County staff and the Board of Supervisors opened a public hearing on the county’s 2025 property reassessment and the required equalization of the real-estate tax rate. Staff said the county hired an outside appraisal firm to complete a reassessment and that the countywide average increase in assessed values was about 50 percent.
County staff said state law requires the board to set an equalized rate so the aggregate tax burden does not rise more than 1 percent as a result of updated assessments. Using the reassessment data, staff stated the county’s equalized real-estate tax rate would be $0.49 per $100 of assessed value, down from the prior rate of $0.74. Staff also presented alternative illustrative rates the board may consider during…
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