Madison, Illinois Property Taxes
The median property tax rate in Madison, IL is 3.40%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Madison, the typical annual property tax bill reaches $822, exceeding the national median of $2,690. Property taxes in Madison are calculated based on the tax assessed value, which typically 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, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.4%
Estimate Property Tax Bill
$967
$897
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, Illinois
Property taxes in Madison, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 3.40%, significantly higher than both the Illinois state median and 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 Illinois and the national median. For comparison, the 62060 zip code has the highest median property tax rate of 3.40%, while the same zip code also has the lowest median tax rate of 3.40%. 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
3.40%
Average Madison County Tax Rate
2.17%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, 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, Illinois
In Madison, Illinois, 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 Madison County Assessor's Office 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, the highest median tax bill in Madison is $822 in the 62060 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
$28,439
Average Madison County Assessed Value
$128,259
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, 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, Illinois
Property tax bills in Madison, IL, are determined through a combination of assessed property values and the local tax rate. The assessment process evaluates the market value of a home, which is then multiplied by the local assessment ratio to determine the assessed value. This assessed value is further multiplied by the local tax rate to calculate the annual property tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For example, homeowners in Madison can expect a median tax bill of $822, with the 25th percentile at $450 and the 75th percentile reaching $1,293. At the 90th percentile, property tax bills can go up to $1,816, reflecting variations in property values and specific neighborhood rates. These property taxes significantly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Madison's rates offer a perspective on how local tax policies can influence the overall financial responsibilities of homeowners in the region.
Average Madison Tax Bill
$822
Average Madison County Tax Bill
$2,705
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62060 | $210 | $450 | $822 | $1,293 | $1,816 |
Source: Ownwell