Madison, Indiana Property Taxes
The median property tax rate in Madison, Indiana is 0.77%, which is lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Madison at $118,950, the typical annual property tax bill is $1,048, falling below 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, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Madison Property Tax Bill Calculator empowers homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Madison with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Madison to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in examining trends at a neighborhood level, more localized information is available as you scroll down. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Madison, 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 0.77%, which is notably lower 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. For comparison, the 47250 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these figures compare with Madison provides valuable insights into the varying tax landscape across Ripley County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
0.77%
Average Ripley County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | 0.42% | 0.58% | 0.77% | 1.56% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Madison, 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 Ripley County Assessor 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 highest and lowest median tax bills in Madison are both $1,048, found in the 47250 zip code.
Average Madison Assessed Value
$118,950
Average Ripley County Assessed Value
$137,800
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | $53,800 | $87,900 | $118,950 | $176,775 | $292,520 |
Source: Ownwell
Property Tax Bills Across Madison, Indiana
Property tax bills in Madison, located in Ripley County, Indiana, are calculated based on the assessed value of properties. The assessed value is determined by the local assessor's office and reflects the property's market value. Homeowners in Madison typically see a range of property tax bills, with the 25th percentile paying around $599 and the 75th percentile paying approximately $1,824. For those in the 90th percentile, tax bills can reach up to $3,328. Several factors influence these tax bills, including property size, location, and any improvements made to the property. Compared to the national median property tax rate of 0.99%, Madison's property tax rate offers a relatively moderate financial impact on homeowners. The highest median tax bill in Madison is recorded at $1,048, which is consistent across the zip code 47250. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan their budgets accordingly.
Average Madison Tax Bill
$1,048
Average Ripley County Tax Bill
$1,170
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47250 | $286 | $599 | $1,048 | $1,824 | $3,328 |
Source: Ownwell