Madison, Florida Property Taxes
The median property tax rate in Madison, FL is 0.94%, slightly below the national median of 0.99% and significantly lower than the Florida state median of 1.14%. With the median home value in Madison at $84,034, the typical annual property tax bill is $828, well under 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, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$790
$733
Ownwell’s Madison Property Tax Bill Calculator is a valuable tool for 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 insightful tool helps you understand potential tax liabilities and plan accordingly. For those interested in more localized trends, additional neighborhood-level information is available further down the page. Your property’s assessed value, determined by Madison County, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Madison, Florida
Property taxes in Madison, Florida, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.94%, which is slightly 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 Florida and the national median. For comparison, the 32340 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
0.94%
Average Madison County Tax Rate
0.91%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32340 | 0.48% | 0.69% | 0.94% | 1.77% | 2.07% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Florida
In Madison, Florida, 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 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 median home price in Madison is $84,034, with tax bills ranging from $526 at the 25th percentile to $2,409 at the 90th percentile. The zip code 32340 has the highest and lowest median tax bill, both at $828.
Average Madison Assessed Value
$84,034
Average Madison County Assessed Value
$84,303
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32340 | $29,963 | $51,754 | $84,034 | $143,483 | $224,337 |
Source: Ownwell
Property Tax Bills Across Madison, Florida
In Madison, FL, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and improvements can influence the assessed value. For example, the median home price in Madison is $84,034, and the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $526 annually, while those in the 75th percentile might see a tax bill closer to $1,482. At the 90th percentile, the tax bill can reach up to $2,409. The highest and lowest median tax bills in Madison are both $828, indicating some consistency in certain areas. Compared to the national median property tax rate of 0.99%, Madison's property taxes can be relatively manageable, but they still represent a significant expense for homeowners. Understanding these factors can help homeowners better anticipate their annual property tax obligations.
Average Madison Tax Bill
$828
Average Madison County Tax Bill
$811
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32340 | $298 | $525 | $828 | $1,481 | $2,409 |
Source: Ownwell
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Dates |
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Links | |
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| Madison Property Appraiser | |
| Website | qpublic.schneidercorp.com |