Madison, Arizona Property Taxes
The median property tax rate in Madison, Arizona is 0.86%, which is lower than the national median of 0.99% but significantly higher than the Arizona state median of 0.56%. With a median home value of $350,482, the typical annual property tax bill in Madison amounts to $3,032, surpassing the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Madison's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Madison or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, Arizona Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$3,014
Ownwell’s Madison Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Madison effortlessly. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Madison to provide an accurate property tax bill estimate. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Madison, Arizona
Property taxes in Madison, Arizona, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Madison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Madison estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Madison's effective property tax rate to other areas in Pinal County and the national median. For comparison, the zip code 53705 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Pinal County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
0.86%
Average Pinal County Tax Rate
0.52%
Average Arizona Tax Rate
0.56%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53705 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Arizona
In Madison, Arizona, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Pinal County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Madison, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Madison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Madison is $3,032 in the 53705 zip code, while the lowest is also $3,032 in the same zip code.
Average Madison Assessed Value
$350,482
Average Pinal County Assessed Value
$319,292
Average Arizona Assessed Value
$302,154
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53705 | $350,482 | $350,482 | $350,482 | $350,482 | $350,482 |
Source: Ownwell
Property Tax Bills Across Madison, Arizona
In Madison, Pinal County, AZ, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is typically a percentage of the property's market value. For instance, if the median home price in Madison is $350,482, the assessed value would be a fraction of this amount, subject to local assessment rates. Once the assessed value is established, the property tax rate is applied. In Madison, the median property tax bill is $3,032, which is significantly higher than the national median property tax rate of 0.99%. This indicates that homeowners in Madison might be subject to a higher tax rate or higher assessed values compared to other regions. Factors influencing the tax bill include property improvements, neighborhood changes, and local budgetary needs. For homeowners, this means that any increase in property value or local tax rates can lead to higher tax bills, impacting their annual financial planning. Understanding these factors can help homeowners anticipate and manage their property tax obligations effectively.
Average Madison Tax Bill
$3,032
Average Pinal County Tax Bill
$1,519
Average Arizona Tax Bill
$1,666
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Arizona
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53705 | $3,032 | $3,032 | $3,032 | $3,032 | $3,032 |
Source: Ownwell