Madison, North Carolina Property Taxes
The median property tax rate in Madison, NC is 0.40%, significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Madison, the typical annual property tax bill reaches $1,500, well below 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, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$1,500
Ownwell’s Madison Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Madison with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Madison to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, giving you peace of mind and better financial planning. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax calculations, and it takes into account any applicable exemptions.
Property Tax Rates Across Madison, North Carolina
Property taxes in Madison, North Carolina, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.77%, which is higher than the North Carolina state median of 0.70% but still below 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 counties in North Carolina and the national median. For comparison, the highest median property tax rate in North Carolina is 1.07%, while the lowest median tax rate is 0.37%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Rockingham County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
0.40%
Average Avery County Tax Rate
0.40%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53711 | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Madison, North Carolina
In Madison, North Carolina, 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 Avery County Appraisal District 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 and lowest median tax bills in Madison are both found in the 53711 zip code, each amounting to $1,500.
Property Tax Assessment Values Across Madison, North Carolina
Source: Ownwell
$1,500
$3,074,950
$6,148,400
Average Madison Assessed Value
$375,000
Average Avery County Assessed Value
$135,500
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53711 | $375,000 | $375,000 | $375,000 | $375,000 | $375,000 |
Source: Ownwell
Property Tax Bills Across Madison, North Carolina
In Madison, located in Avery County, NC, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by local tax assessors who evaluate various factors, including the property's market value, size, location, and condition. Homeowners in Madison can expect a median property tax rate that aligns with the county's standards. For instance, with the median home price at $375,000, homeowners typically see a consistent tax bill across various percentiles. The 25th, 75th, and 90th percentiles all report a tax bill of $1,500. This consistency indicates a relatively stable property tax environment in the area. Compared to the national median property tax rate of 0.99%, Madison's property tax rate provides a predictable financial expectation for homeowners. This stability can be beneficial for budgeting and long-term financial planning, making it easier for residents to manage their yearly expenses related to property ownership.
Average Madison Tax Bill
$1,500
Average Avery County Tax Bill
$540
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53711 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 |
Source: Ownwell