The Office of the Assessor is responsible for maintaining current property assessments, assessment appeals, the senior and disabled tax relief program and the tax deferral program. Veterans can obtain information about the Veteran's Exemption from this location as well. The Assessor's Office provides an online database for Madison. Assessments are based on a property's appraised value, which is equivalent to the property's market value at the time of revaluation. The last revaluation in Madison began in 2007 and was completed in 2008. It is performed every five years according to state statute. The size of your property, the value of surrounding properties, whether you are waterfront, the condition of your property and other factors are taken into consideration during the process. Property owners interested in making an appeal of their assessment should file a petition before February 20th of any year. The Board of Assessment Appeals holds hearings every March. In order for an appeal to be successful, the property owner must prove that their assessment was incorrect as of October 2007, the current time of the last assessment. The tax assessor is appointed by and reports to the Board of Selectmen for an indefinite term, as outlined in the town charter. Members of the Board of Assessment Appeals are elected for a four-year term and must be Madison residents.