Madison Completes Revaluation Of Town's Real Property

MADISON, CT — The Town of Madison recently completed its state-mandated revaluation of all real property in the community, and has mailed residents their new assessment, according to officials.

The latest revaluation is for the town's October 1, 2023, Grand List.

"DO NOT multiply your new assessment by the current mill rate," wrote First Selectwoman Peggy Lyons in her most recent Community Update. "The new mill rate will be determined as part of the budget process and the new grand list in the Spring of 2024. Your new proposed assessment is based on 70 percent of market value as of October 1, 2023."

From the announcement:

Reassessment is a revenue-neutral process. A significant increase/decrease in a property’s assessed value will not result in an equivalent increase/decrease in the property’s taxes. The total amount the town needs to collect through taxes is determined by the town budget regardless of whether a reassessment takes place. Please visit the Town Assessor’s website for additional information.