Madison, Kansas Property Taxes
The median property tax rate in Madison, Kansas is 2.27%, considerably higher than both the national median of 0.99% and the Kansas state median of 1.43%. With the median home value in Madison at $41,680, the typical annual property tax bill reaches $898, which, while lower than the national median of $2,690, can still be a significant expense for homeowners. 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 Greenwood County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Madison, Kansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.27%
Estimate Property Tax Bill
$946
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, the calculator applies the median tax rate in Madison to provide an estimated property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Madison, Kansas
Property taxes in Madison, Kansas, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Madison is 2.27%, significantly higher than both the Kansas state median and the U.S. national median of 0.99%. Local government entities within Madison set these rates annually, and they can vary considerably 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 Kansas and the national median. For comparison, the 66860 zip code has the highest median property tax rate of 2.27%, while the 66855 zip code has the lowest median tax rate of 1.51%. Understanding how these cities compare with Madison provides valuable insights into the varying tax landscape across Greenwood County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Madison Tax Rate
2.27%
Average Greenwood County Tax Rate
2.02%
Average Kansas Tax Rate
1.43%
Average United States Tax Rate
0.99%
Property Tax Rates Across Madison, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66855 | 1.51% | 1.51% | 1.51% | 1.51% | 1.51% |
| 66860 | 1.68% | 2.05% | 2.27% | 2.42% | 2.64% |
Source: Ownwell
Property Tax Assessment Values Across Madison, Kansas
In Madison, Kansas, 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 Greenwood 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. The median home price in Madison is $41,680, with property tax bills ranging from $401 at the 25th percentile to $3,214 at the 90th percentile. The highest median tax bill in the area is $903 in zip code 66860. 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.
Average Madison Assessed Value
$41,680
Average Greenwood County Assessed Value
$39,700
Average Kansas Assessed Value
$156,260
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Madison, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66855 | $4,960 | $4,960 | $4,960 | $4,960 | $4,960 |
| 66860 | $6,806 | $17,930 | $41,750 | $82,355 | $154,316 |
Source: Ownwell
Property Tax Bills Across Madison, Kansas
In Madison, located in Greenwood County, KS, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Homeowners in Madison experience a variety of tax bills depending on their property's value. For instance, the 25th percentile tax bill is around $401, while those in the 75th percentile pay approximately $1,837. At the higher end, the 90th percentile tax bill reaches $3,214. These tax bills are influenced by multiple factors, including the local tax rate, which can vary within the county, and the specific assessed value of the property. This can significantly impact homeowners, as higher property values lead to higher tax bills. The highest median tax bill in the area is $903, found in the 66860 zip code. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan accordingly.
Average Madison Tax Bill
$898
Average Greenwood County Tax Bill
$769
Average Kansas Tax Bill
$2,595
Average United States Tax Bill
$2,690
Property Tax Bills Across Madison, Kansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66855 | $75 | $75 | $75 | $75 | $75 |
| 66860 | $164 | $402 | $903 | $1,838 | $3,219 |
Source: Ownwell