The downtown tax base reached $3.08 billion in 2020, a hike of $1.2 billion from 2011, according to a recent downtown report. One percent of the Madison landmass was producing 10.5% of the city tax base. This despite the fact that 39% of the buildable land downtown was tax exempt. Housing boomed as 5,311 residential units were either built or approved for construction in the 2010–19 period. Property tax collections hit $67.2 million in 2020.
Madison’s hotels are reeling worst of all from the shutdown of the convention business and the crippling of tourism. The Madison Concourse Hotel and Governor’s Club, for example, saw business plunge 70% to 80% in 2020, prompting major layoffs at the city’s largest hotel, according to general manager Steve Zanoni. Of note: In 2020, the Concourse was assessed at $33.9 million, which produced a total property tax bill of $777,528. Zanoni is prepared to appeal the 2021 assessment.