(The Center Square) – Madison residents are set for hefty property tax increases if a group of referenda on the Nov. 5 ballot pass.
If all three pass, Madison taxpayers with an average home valued at $457,000 would own $549 in addition taxes in the first year ramping up to $1,600 in additional taxes by the fourth year.
The referenda come due to limits set by state lawmakers on increases in local levies, including enrollment-based caps for schools and limits based on net new construction for municipalities.
A new Wisconsin Policy Forum report broke down the $22 million Madison city referendum, with information on how Madison will attempt to institute an unprecedented infrastructure special charge if the referendum fails.
Madison Metropolitan schools, meanwhile, are asking for a combined $600 million in two referenda for operational expenses and school renovations and infrastructure into the future despite a $23.4 million funding increase in state aid this year.
MMSD Superintendent Joe Gothard said the additional state aid will result in a reduction in the first-year property tax increase through the referenda from $317 in the first year on a $457,000 home to $40.