July 1 Equalization Aid estimate was $4.8 million less than budget. Before any cost cutting, the November 2014 tax levy estimate would change from a 1.99% increase to a 3.86% increase.
However, the November 2014 tax base estimate has also changed from a 0.0% increase to a 3.5% increase. This was based on the City of Madison assessed data released in April 2014
The tax rate, which estimates the tax impact on the average value home, was presented in the Budget Proposal as increasing from $11.86 (per $1,000) to $12.11 (per $1,000) or an estimated $57.88 increase on the property tax bill of an average value home.
The tax rate estimate has been revised to $11.91 (per $1,000), or an estimated $11.55 increase on the property tax bill of an average value home.
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Madison has long supported a wide variation in school demographics. The chart above, created from 2013-2014 Madison School District middle school demographic data, illustrates the present reality, with the largest middle school – near west side Hamilton – also featuring the smallest percentage low income population.
Much more on Madison’s 2014-2015 402M budget, here.