Madison, Ohio Property Taxes
The median property tax rate in Madison, OH is 1.74%, which is considerably higher than the national median of 0.99% but slightly lower than the Ohio state median of 1.80%. With the median home value in Madison at $72,850, the typical annual property tax bill amounts to $1,481, surpassing the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, which is 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 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, Ohio Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.74%
Estimate Property Tax Bill
$1,268
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, Ohio
Property taxes in Madison, Ohio, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 1.74%, significantly higher 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 Ohio and the national median. For comparison, the zip code 44057 has the highest median property tax rate of 1.74%, while the same zip code also has the lowest median tax rate of 1.74%. Understanding how these areas compare with Madison provides valuable insights into the varying tax landscape across Ashtabula County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
1.74%
Average Ashtabula County Tax Rate
1.74%
Average Ohio Tax Rate
1.80%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44057 | 1.68% | 1.71% | 1.74% | 1.78% | 3.65% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Ohio
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Madison, Ohio. 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 Ashtabula 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. For instance, in Madison, the highest median tax bill is $1481.00 in the 44057 zip code, contrasting with the lowest median tax bill also being $1481.00 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Madison Assessed Value
$72,850
Average Ashtabula County Assessed Value
$74,100
Average Ohio Assessed Value
$133,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44057 | $37,870 | $49,975 | $72,850 | $96,600 | $138,840 |
Source: Ownwell
Property Tax Bills Across Madison, Ohio
In Madison, Ashtabula County, OH, property tax bills are calculated based on the assessed value of the home and the applicable tax rate. The assessed value is determined by the local government and is a percentage of the market value of the property. The tax rate, often expressed as a percentage, is applied to this assessed value to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Madison, the median home price is $72,850. Property tax bills can vary significantly, with the 25th percentile at $961 and the 75th percentile at $1,988. The highest median tax bill in the area is $1,481, which is higher than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how these taxes are calculated can help in budgeting and financial planning.
Average Madison Tax Bill
$1,481
Average Ashtabula County Tax Bill
$1,299
Average Ohio Tax Bill
$2,396
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Ohio
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 44057 | $619 | $961 | $1,481 | $1,988 | $2,503 |
Source: Ownwell