Home values, property taxes rising in Madison - WKOW 27: Madison, WI Breaking News, Weather and Sports

Home values, property taxes rising in Madison

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MADISON (WKOW) -- Property assessments were mailed to Madison homeowners Friday, and for most residents, the news is mixed.

Nearly 80 percent of Madison homes saw an increase in property value over last year. While that means a greater return on investment for current homeowners, Mayor Paul Soglin says he's concerned some people are being priced out of the city.

"We've seen as realtors have told us, houses going on the market and being sold within 24 hours," he said. "Multiple bids and often times greater than the asking price."

Though home prices are increasing on average throughout the city, Soglin said the city is on track to meet it's five-year goal for increasing affordable housing options. The city announced 948 new units of affordable housing have been approved -- just 52 units shy of the mayor's goal of 1000 new units by 2019. These new homes and apartments will be reserved for families who make less than $75,000 per year, Soglin said.

Looking forward, Mayor Soglin said he hopes to add even more affordable housing in the city by building on top of pre-existing structures and turning parking lots into parking ramps.

The mayor said he hopes more housing options will allow the city to grow and give more people access to opportunities in Madison.

"[People] want to be a bus ride away from a Badger game, from the library or State Street or walking distance to great restaurants and stores," he said. "That's what urban life is about."

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