Madison, Indiana Property Taxes
The median property tax rate in Madison, Indiana is 0.73%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With a median home value of $103,350 in Madison, the typical annual property tax bill is $734, significantly less than the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Madison's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Madison or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$754
Ownwell’s Madison Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Madison with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Madison to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Madison, Indiana
Property taxes in Madison, Indiana, play a critical role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.73%, 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 Indiana and the national median. For comparison, the zip code 47250 has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
0.73%
Average Switzerland County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | 0.42% | 0.57% | 0.73% | 1.23% | 1.48% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Indiana
In Madison, Indiana, 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 local assessment authorities 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. Notably, the highest and lowest median tax bills in Madison both occur in zip code 47250, with a median tax bill of $734.
Average Madison Assessed Value
$103,350
Average Switzerland County Assessed Value
$86,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | $30,920 | $66,100 | $103,350 | $138,325 | $197,700 |
Source: Ownwell
Property Tax Bills Across Madison, Indiana
In Madison, located in Switzerland County, Indiana, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Madison is $103,350. Homeowners in Madison experience a range of property tax bills, with the 25th percentile paying around $420 and the 75th percentile paying about $1,204. For those in the 90th percentile, tax bills can reach up to $1,709. The assessed value of a property is determined by local assessors who evaluate factors such as the size, location, and condition of the property. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. Compared to the national median property tax rate of 0.99%, Madison's rates can significantly impact homeowners, influencing their financial planning and overall cost of living. Understanding these factors is crucial for homeowners to manage their expenses effectively.
Average Madison Tax Bill
$734
Average Switzerland County Tax Bill
$696
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | $230 | $420 | $734 | $1,204 | $1,709 |
Source: Ownwell