Madison, Jefferson County, Indiana Property Taxes
The median property tax rate in Madison, IN is 0.93%, slightly below both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Madison at $123,000, the typical annual property tax bill is $1,273, which is significantly lower than 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, Jefferson County, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,144
$1,062
Ownwell’s Madison Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 project your property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in more granular trends, additional localized information is available below. Your property’s assessed value is the value assigned by Jefferson County for property tax calculations, factoring in any applicable exemptions.
Property Tax Rates Across Madison, Jefferson County, Indiana
Property taxes in Madison, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Madison is 0.93%, 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 Indiana and the national median. For comparison, the 47250 zip code has both the highest and lowest median property tax rate in the area, standing at 0.93%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
0.93%
Average Jefferson County Tax Rate
0.93%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Jefferson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | 0.55% | 0.80% | 0.93% | 1.54% | 1.92% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Jefferson County, Indiana
In Madison, Indiana, 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 Jefferson 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. Notably, the highest and lowest median tax bills in Madison are both $1273.00, found in the 47250 zip code.
Property Tax Assessment Values Across Madison, Jefferson County, Indiana
Source: Ownwell
$64,000
$102,900
$141,800
Average Madison Assessed Value
$123,000
Average Jefferson County Assessed Value
$114,900
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Jefferson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | $49,200 | $81,700 | $123,000 | $176,850 | $235,480 |
Source: Ownwell
Property Tax Bills Across Madison, Jefferson County, Indiana
In Madison, Jefferson County, IN, property tax bills are determined based on the assessed value of a home. The assessed value is an estimation of the property's market value, which is then multiplied by the local tax rate. For Madison, the median home price is $123,000. Homeowners in this city can expect their tax bills to vary significantly. For instance, tax bills in the 25th percentile are around $722, while those in the 75th percentile can reach up to $1,904. The highest tax bills, in the 90th percentile, can be as much as $2,705. These figures show that property taxes in Madison can have a considerable impact on homeowners, contributing to annual expenses that vary widely based on property value and specific location within the city. The median tax bill in Madison’s ZIP code 47250 is $1,273, which is above the national median property tax rate of 0.99%. Understanding these factors helps homeowners better anticipate their financial obligations and plan accordingly.
Average Madison Tax Bill
$1,273
Average Jefferson County Tax Bill
$1,194
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Jefferson County, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | $373 | $722 | $1,273 | $1,904 | $2,705 |
Source: Ownwell