The Madison City Council set its millage rates for the upcoming tax cycle during its Aug. 8 meeting. Municipal taxes are in addition to the taxes paid to Morgan County.
The millage rate for the entire City of Madison was lowered from 5.573 to 5.554. That translates to an additional $222.16 for every $100,000 of the assessed value of an individual property.
According to Madison’s tax digest, property values in the city rose by 14.14 percent from 2021 to 2022.
For those in Madison’s Central Business District, the millage rate was 1.045 last year and has been lowered to 1.042 this year. That translates to an additional tax of $41.68 for every $100,000 of assessed value.
Assessed values in the Central Business District only increased by about 7.6 percent.
Tax rates for the Interstate Corridor District were 1.158 last year and 1.145 for 2022. That translates to an additional tax of $45.80 for a property assessed at a value of $100,000. Assessed values in the Interstate Corridor District increased by only 6.65 percent.