Posted Friday, April 18, 2014 ---5:50 p.m.
If you own property in Madison you're in luck. The city says property assessments are higher than they've been in years. According to realtors, it means good things if you're looking to sell.
The city is saying on average property owners will be seeing a 3.5% increase in property values.
"The one thing we can conclude is that the real estate market and the economy in Madison has clearly gone upward and the evidence is that we're outpacing the rest of the state," said Mayor Paul Soglin at a press conference, Friday.
Mayor Paul Soglin says it's too soon to see how this could affect taxes, but there's definitely been a shift from residential to commercial.
"Commercial property is becoming a larger part of the property tax base," said Soglin.
He said the economy is picking up, with the city bringing in a number of private sector construction jobs, and it's no question why.
"Madison is a great place to live, work, and play, it may sound repetitive, we say this about the city all the time," said Soglin.
City Assessor, Mark Hanson says values are up everywhere but Sunset Village.
"We only had one neighborhood in 110 or so single family neighborhoods that actually had a slight decrease," Hanson said.
And David Stark of Stark Realtors says now is a fantastic time to sell, since inventories are low, and buyers are competing for so few homes.
"That's a healthy market and so what this says is that the prices increases are healthy and that's good so if you're a home buyer or seller you can feel good about the fact that prices are moving the way they should be," said Stark.
Mayor Soglin also says there's a lot of new construction that isn't finished yet, but when it is, it will spread the tax burden across more properties.