Frequently Asked Questions - Tax Information
Q: I received my Madison County tax assessment in October 2013 and noticed that my taxes were increased from $90 to $250. What is the reason for such a large increase?
A: The Madison County Commissioner's office approved the increase for all owners in RID District 80. Numerous complaints in regards to the road conditions in your district were made, prompting the work. Road work was completed on Lone Mountain Trail, Sitting Bull Road and Low Dog Road in Summer 2013. The project ended up costing more than originally projected, in addition to substantially more work than anticipated. The Madison County Commissioner's office noted that this increased RID expense will be in effect for the next 2 years, as RID District 80 had to loan money from the County to pay for the extra expenses. In turn, RID District 80 needs to repay the loan to the County. At the end of 2 years, the County Commissioner will re-evaluate the assessment to see if it was warranted. Any applicable changes to the assessment will be made at that time and hopefully, Hill Owners will see a decrease.
Q: Am I able to deduct property tax that has been paid by the association?
A: The property tax paid on the lot for the association is a Schedule A Itemized tax deduction for individual owners. This is based on the square footage of each unit and ownership percentage of each owner. Please contact your tax preparer to find out more about the tax benefit to your individual tax return.