According to data released by by the city last week, Madison real estate is becoming more expensive — especially if you live downtown.
Property value citywide increased 7.4 percent between 2017 and 2018, according to the assessments, while residential property increased 6.8 percent.
The assessment was conducted by the city assessor, who determines the property value around the city, specifically for the purpose of calculating property taxes.
Aside from rises in real estate, personal property saw a 22 percent decrease; however, the assessor believes this is due to new state legislation that exempts businesses from including property like furniture, equipment and machinery from personal property tax.
Nearly 63 percent of the property value is residential property while the remaining 37 percent was for commercial property.
The largest increase in commercial property came in buildings with 50+ units, exemplified in addition of new downtown properties like The Hub and The James. Those kinds of properties, be it through reassessment of existing properties or additional construction, grew by $336 million.
Around campus, the Langdon area property increased by 2.3 percent while the University area increased by 3.4 percent.
The data highlights what has been a continued trend in a city that has been growing for years. Property for an average single-family property has been increasing in Madison since 2013, with an increase in that property increasing by 5.8 percent in both 2017 and 2018. The price of that property in 2018 is $284,858.
Regardless, the city is still on track to achieve its goal of adding 1,000 proposed units of affordable housing by 2019. Through 2017, the city has approved 839 proposed units. Of the proposed units toward the goal, which began in 2013, 320 have been built.
There are 143 proposed affordable units that are currently under construction.
