Madison, Madison County, Illinois Property Taxes

Name: Property Tax Bills Across Madison, Madison County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Madison, IL effective property tax rate: 3.40%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Madison, IL home value: $28,439
Median annual Madison, IL tax bill: $822, $1,578 lower than the national median property tax bill of $2,400.

How are property taxes in Madison calculated?

Property taxes in Madison, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Madison’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Madison, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Madison, Madison County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.4%

Estimate Property Tax Bill

$967

$897

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, our calculator applies Madison’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Madison. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Madison, Madison County, Illinois

Local government entities set tax rates, which can vary widely within a state. This variation occurs because each county annually estimates its required budget to provide essential services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While votes and laws play a role in setting these rates and budgets, this is the annual process in a nutshell.

In Madison, Illinois, the effective property tax rate is a crucial factor for homeowners. The region's tax rate is notably higher than the national median property tax rate of 1.02%. This can lead to a significant difference in annual property tax bills compared to other regions. For homeowners in Madison, understanding this rate is essential for financial planning and property investment decisions.

By comparing Madison's effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S., property owners can gain valuable insights into how their tax obligations stack up. This comparison can inform decisions about property purchases, appeals, and potential exemptions, ultimately helping homeowners manage their property tax responsibilities more effectively.

Property Tax Rates Across Madison, Madison County, Illinois

Source: Ownwell

1.66%

3.31%

4.95%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Madison Taxx Rate

3.40%

Median Effective Madison County Taxx Rate

2.17%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Madison, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62060	0.88%	1.97%	3.40%	4.64%	4.64%

Source: Ownwell

Property Tax Assessment Values Across Madison, Madison County, Illinois

When examining property taxes in Madison, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Madison.

For example, the median home price in Madison is $28,439, with tax bills ranging significantly across the county. 62060 has the highest median home price at $28,439.

Property Tax Assessment Values Across Madison, Madison County, Illinois

Source: Ownwell

$19,910

$137,778

$255,646

Median Madison Market Value

$28,439

Median Madison County Market Value

$128,259

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Madison, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62060	$13,273	$20,166	$28,439	$39,280	$53,153

Source: Ownwell

Property Tax Bills Across Madison, Madison County, Illinois

In Madison, IL, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor. This value is a percentage of the property's market value. The tax rate is then applied to the assessed value to determine the tax bill. Factors such as local government budgets and school funding needs influence the tax rate, affecting how much homeowners pay. With a median home price of $28,439, the property tax bills in Madison range from $450 at the 25th percentile to $1,816 at the 90th percentile. Comparatively, the national median property tax bill is $2,400, indicating that Madison's tax bills can be significantly lower. However, homeowners may still feel the burden of property taxes. Ownwell can assist by providing expert property tax appeal and exemption services, potentially lowering your tax bill. Our team analyzes your assessment and identifies opportunities for savings, ensuring you pay no more than your fair share.

Property Tax Bills Across Madison, Madison County, Illinois

Source: Ownwell

$614

$2,981

$5,348

Median Madison Tax Bill

$822

Median Madison County Tax Bill

$2,705

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Madison, Madison County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62060	$210	$450	$822	$1,293	$1,816

Source: Ownwell